Spanish Bank To Skip Mortgage Bond Interest Payments

20 May 2009

Soaring defaults on home loans has prompted Spain’s second-largest savings bank to skip making €1.2 million ($1.5 million) of interest payments on some of its mortgage-backed bonds.

Soaring defaults on home loans has prompted Spain’s second-largest savings bank to skip making €1.2 million ($1.5 million) of interest payments on some of its mortgage-backed bonds. Titulizacion de Activos, the trustee for Caja Madrid’s Madrid RMS II and RMBS III, said the bank would skip payments on ...

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