{"id":48087,"date":"2024-09-20T09:00:00","date_gmt":"2024-09-20T07:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=48087"},"modified":"2024-09-13T11:01:15","modified_gmt":"2024-09-13T09:01:15","slug":"bank-fraud-nullity-uci-mortgages","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/bank-fraud-nullity-uci-mortgages\/","title":{"rendered":"Bank fraud: nullity of UCI mortgages"},"content":{"rendered":"
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Provincial Courts, such as those of C\u00e1diz, Zaragoza and Asturias, have condemned the Uni\u00f3n de Cr\u00e9ditos Inmobiliarios (UCI), a finance company owned by Banco Santander, for breaching the rules of information transparency or declaring its system of capital amortisation null and void, with unaffordable repayments that have caused serious problems to many families.<\/b><\/h3>\n

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During the years when the real estate bubble burst and amid a period of credit restrictions by the banks that have traditionally monopolised the largest shares of the mortgage market in Spain, <\/span>Banco Santander was deriving high-risk mortgage loans from Uni\u00f3n de Cr\u00e9ditos Inmobiliarios (UCI)<\/b>, its finance company, also owned by BNP Paribas.<\/span><\/p>\n

These were mortgage loans that were unviable for most financial institutions because of the precarious economic situation of the customers requesting the loan, but which were approved by UCI. Faced with the need to buy a home or move house, thousands of <\/span>young couples and families who had difficulty accessing a traditional mortgage loan opted for this alternative<\/b>, which was presented to them as an attractive and affordable product. It is estimated that between 2009 and 2012, more than half a million mortgages of this type were marketed.<\/span><\/p>\n

In most cases, <\/span>these mortgages were marketed through real estate agencies that offered the management, negotiation and processing of mortgage loans<\/b> with their real estate sales and purchase service. They acted as intermediaries for the UCI. Even so, the consumer only had contact with the UCI on the day of signing the contract in front of a notary, which is when he was faced with all the paperwork and small print.<\/span><\/p>\n

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An amortisation system with unaffordable repayments<\/b><\/h3>\n

As a general rule, <\/span>Spanish banks’ mortgages are based on the French amortisation system<\/b>, according to which the instalments you pay are constant or fixed and serve to pay part of the interest and part of the capital. During the first years of the mortgage, you pay more interest than capital, while in the last years almost all you pay is capital and the interest rate goes down.<\/span><\/p>\n

Unlike these conventional mortgages, the principal repayment system of UCI mortgages establishes a very low fixed instalment during the initial period of the mortgage payment (between 5 and 10 years), but at an unusually high-interest rate, and<\/span> the amount of interest that is not covered by the instalment is added to the capital of the loan<\/b>. Therefore, debt continues to increase, generating new interest even if we keep up with the repayments. This is known in legal terms as <\/span>anatocism<\/span><\/a> and, in many cases, has generated exorbitant and unaffordable monthly repayments in the last years of the mortgage.<\/span><\/p>\n

Although this is not an abusive practice per se and is included in the Commercial Code as legal, <\/span>it is illegal and abusive for the consumer not to be informed of the economic scope of the clause.<\/b> This is what has happened with these UCI mortgage loans when the applicable amortisation system was not even correctly specified in some of the mortgage contracts and many consumers were not informed diligently.<\/span><\/p>\n

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@atilalegal<\/a> <\/p>\n

UCI sabia lo que hacia y les dio igual llevar a miles de familias a la ruina con sus hipotecas. Ahora me enfrento a ellos y no pienso pararme en ning\u00fan punto del camino. Voy a llegar hasta el final y voy a pelear por TODO lo que les corresponde a mis clientes. Los bancos ya no salen impunes de esto. #uci<\/a> #hipotecauci<\/a> #hipoteca<\/a> #psoe<\/a> #pp<\/a> #vox<\/a> #prestamo<\/a> #prestamohipotecario<\/a> #usura<\/a> #deuda<\/a> #fondobuitre<\/a> #bancos<\/a><\/p>\n

\u266c sonido original – Atila Legal – Atila Legal<\/a> <\/section>\n<\/blockquote>\n