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Green Paper on Mortgage Credit

Green Paper on Mortgage Credit. EULIS perspective History Green Paper Consultation Now And then…. EU policy. Single market, but still struggling DG Inner Market & Services Service Directive very difficult Financial sector a key area Mortgage lending a target.

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Green Paper on Mortgage Credit

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  1. Green Paper on Mortgage Credit • EULIS perspective • History • Green Paper • Consultation • Now • And then…

  2. EU policy • Single market, but still struggling • DG Inner Market & Services • Service Directive very difficult • Financial sector a key area • Mortgage lending a target

  3. Forum Group on Mortgage Credit • Established by Commission • Representing consumers and industry • Aim to identify barriers • Reported in December 2004 • Large number of recommendations, but not so far-reaching • One was that EC should provide finacial support to EULIS • Also included Public registers and mortgages

  4. The Green Paper on Mortgage Credit in the EU • July 19, 2005 (COM (2005)327 • Based on Forum Group recommendations • Covered • Consumer protection • Legal issues • Mortgage collateral • Funding of mortgage credit • Supplemented by Study on Costs and Benefits of Integration of EU Mortgage Markets (London Economics)

  5. Consultation • Green paper was sent out • Written comments by November 30, 2005 • Meeting held on December 7, 2005

  6. Consultation • Everything available on web-site • Lots of comments • Governments, industry and representative bodies • Comments from all sides supported EULIS • Clear support for harmonisation – but also differences between industry and consumer positions

  7. Right now • Established Mortgage Funding Expert Group – first meeting in April 2006 • MFEG focus on funding side, publish report (November?) • Established Government Expert Group on Mortage Credit – first meeting in May 2006 • GEGMC focus on obtain further input • MS provide information by August 31 2006

  8. GEGMC • Consumer protection • Client credit-worthiness • Property valuation • Forced sales procedure • Land registers • Non-deposit institutions

  9. Land registers • EULIS • Support from overwhelming majority • Substantial effort should be undertaken to encourage more countries to join • Land registration • General support to facilitate cross-border access under the same conditions • Quality guidelines • Minimum requirements on rights • Eurotitle?!

  10. The Questions • Problems with accessibility to mortgage/land registers • Difficulties in accessing databases • Hidden charges • Difficulties in fully understanding the ranking of different land registers (lack of transparency)

  11. And then… • White paper early 2007 • Concrete steps to proceed • Agreements and regulations • MS actually have agreed on Service Directive, so…

  12. What you can do • Get in touch • Influence • Look up! • http://ec.europa.eu/internal_market/finservices-retail/home-loans/integration_en.htm • Thank you!

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