In Spain, almost all of the Cajas de Ahorros (it is not the same but to not go in details, imagine a some sort of credit union) went under due the financial crisis.
They were merged and transformed into a bank that then was rescued with lot of public money from taxpayers and it never repay to the society (either by returning the money or lowering fees and mortgage interest, in fact it almost erased people savings while the board of directors increased their bonuses.
Now the bank no longer exists, it was purchased by another bank, the one with most egregious fees in the country.
That tracks. Most European banks appear to be risk averse, unlike their American counterparts. I had assumed most of them either stayed away or lightly dealt with subprime bullshit.
In Spain, almost all of the Cajas de Ahorros (it is not the same but to not go in details, imagine a some sort of credit union) went under due the financial crisis.
They were merged and transformed into a bank that then was rescued with lot of public money from taxpayers and it never repay to the society (either by returning the money or lowering fees and mortgage interest, in fact it almost erased people savings while the board of directors increased their bonuses.
Now the bank no longer exists, it was purchased by another bank, the one with most egregious fees in the country.
That tracks. Most European banks appear to be risk averse, unlike their American counterparts. I had assumed most of them either stayed away or lightly dealt with subprime bullshit.