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 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 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) Consultation Green paper was sent out Written comments by November 30, 2005 Meeting held on December 7, 2005 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 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 GEGMC 1. 2. 3. 4. 5. 6. Consumer protection Client credit-worthiness Property valuation Forced sales procedure Land registers Non-deposit institutions 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?! 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) And then… White paper early 2007 Concrete steps to proceed Agreements and regulations MS actually have agreed on Service Directive, so… What you can do Get in touch Influence Look up! http://ec.europa.eu/internal_market/finservices-retail/homeloans/integration_en.htm Thank you!