Cédulas struggle as OC falls amid Spanish housing slump

Moody’s provided a timely reminder on Monday that all is not right in Spain. Following a 41% year-on-year decline in mortgage lending, over-collateralisation levels have eroded, the agency said in a report that was published on Monday. The news came against a background of cédulas selling as concerns mounted for the country’s banking sector, with non-performing loans soaring and house price falls accelerating.