Jul
19
These Sicilian Mortgages Show How Difficult It Is to Rescue Italian Banks
ByGetting money from non-performing loans in Italy is no easy task.
Down the cobbled streets of Palermo, past baroque churches and gothic palaces, a lesson is lurking for Italy’s government as it hatches a plan to save the country’s banks.
Sicily’s biggest city is the focal point of a 2007 securitization of non-performing loans, or NPLs, that shows just how long it can take to resolve soured loans in the country. The deal, known as Island Refinancing, should also act as a warning for investors of the dangers of buying similar securities as Italian banks gear up to sell more of them…
These Sicilian Mortgages Show How Difficult It Is to Rescue Italian Banks
