Spanish lenders will transfer newly constructed housing assets into Spain's bad bank at an average discount of 52.2 percent of original book value and second-hand housing at an average discount of 47.5 percent, a source with knowledge of the process said on Tuesday. The steep discounts reflect the worst-case scenario -- a severe economic downturn -- in an in-depth analysis of Spain's banking sector conducted by consultancy Oliver Wyman. Spain's government is setting up an asset management company, or bad bank, to take on up to 90 billion euros worth of sour real estate assets sitting on lenders' books after a ... (full story)