Re: See through Condos..

"Keep in mind that in Spain, unlike the US, mortgages are recourse, and thus walking away from one is far more complicated than it is in the US. It means the bank can "pursue and pursue" the borrowers until it gets paid back in full.

Most importantly, it also means that by the time a borrower is in default on their mortgage, they have already defaulted on virtually all other debt in their possession, very much unlike in the US where defaulting on one's mortgage is usually the first thing a financially troubled household will do."

no wonder those folks kept their pitch forks and hammer handles.