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The Mortgage Credit Directive Under Review

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The Mortgage Credit Directive Under Review

Name: The Mortgage Credit Directive Under Review
Brand: Europa Law Publishing
SKU: 9789462513778
Price: 1103.90 HKD
Availability: InStock
Author: Miriam Anderson; Esther Arroyo Amayuelas
ISBN: 9789462513778

Edited by Miriam Anderson · Esther Arroyo Amayuelas

Europa Law Publishing May 2025

Specifications

ISBN-13: 9789462513778
Publisher: Europa Law Publishing
Publication: May 2025
Format: Paperback
Jurisdiction: Netherlands ? Countri(es) for reference only

Details

The experience of the Member States in implementing and interpreting the laws that transpose the Mortgage Credit Directive (MCD) serves as a good illustration of the gaps that the law has successfully addressed. However, it also highlights other areas where changes are still necessary and require prompt attention. Although consumer protection and financial stability must continue to be the fundamental principles guiding any legislative action, the regulations need to be adapted to address the challenges presented by digitalisation and sustainable finance, the emergence of new entrants in the mortgage market and the challenges of social inclusion and ageing populations.

This book provides a timely overview of the legal and practical evolution of mortgage credit agreements since the adoption of the MCD across thirteen Member States and offers insights into how the European legislator should approach the future regulation of mortgage credit agreements.

PART I

Chapter 1: The Mortgage Credit Directive under Review

Miriam Anderson

I Introduction

II The Main Aspects under Review

III Other Matters: Interest-Only Mortgages as Risky Products

IV Final Thoughts

Bibliography

Chapter 2: Artificial Intelligence and Consumer Protection in Credit Agreements

Esther Arroyo Amayuelas

I Introduction

II Credit Intermediaries and Comparison Platforms

III Advertising and Information about Credit

IV Assessing Creditworthiness Using Automated Data Processing (ADP)

V Conclusions

Bibliography

Chapter 3: Equity Release Products and the Scope of the MCD 49

Pedro del Pozo Carrascosa

I Introduction

II General Legal Framework

III The Reverse Mortgage

IV Life Annuities as Legal Structures to Monetise Immovable Property for Elderly Care

V Conclusion: The Need to Include Equity Release Products in the Scope of the Directive, and Other Ways Forward

Bibliography

Chapter 4: The Obligation of Transparency in the MCD. A Law and Economics Approach

Laura Alascio Carrasco

I Introduction

II The Rationale for Transparency: Information Asymmetry

III Classic Perspective: Duty of Information

IV Beyond Transparency: Other Instruments for Risk Assessment

V Final Remarks: Ex Ante Transparency v. Ex Post Action

Bibliography

Chapter 5: The New UK Consumer Duty: More Responsible Mortgage Lending?

Sarah Nield and Mark Jordan

I Introduction

II The UK Regulatory Approach to Consumer Mortgages

III The Consumer Duty

IV The Impact on Regulated Mortgages

V Conclusion

Bibliography

PART II

Chapter 6: Some Thoughts on the Belgian Response to the MCD: Uniformisation of Rules on Credit to

Consumers

Johan Vannerom

I Introduction

II Scope of Application

III Pre-Contractual Duties

IV Pre-Contractual Creditworthiness Assessment

V Right of Early Repayment

VI Greening the Belgian Property Market

VII The Enforcement of a Defaulting Mortgage Credit Agreement

VIII Conclusion

Bibliography

Chapter 7: Navigating Mortgage Market Issues in the Czech Republic: The Role of the MCD

Pavel Martiník

I Introduction

II Substantive Rules

III Procedural Issues

IV Early Repayment

V Creditworthiness Assessment

VI Intermediation and Brokers

VII Restrictions on Other Contractual Arrangements

VIII Conclusion

Bibliography

Chapter 8: French Law and the Challenges of a New Mortgage Credit Directive

Hélène Aubry

I Introduction

II Scope of the Provisions Deriving from the MCD

III Rules Applicable to the Formation of the Credit Agreement

IV Creation of Links Between the Loan Agreement and the Sale of Immovable Property

V Rules Applicable During the Term of the Credit Agreement

VI Conclusion

Bibliography

Chapter 9: The Mortgage Credit Directive under Review: Views from Greece

Anastasios Moraitis

I General Introduction

II Landscape of Residential Housing Market since 2017

III Legislative Changes in the Transposing Law since its Promulgation

IV Transposing Law Issues in the Course of Its Implementation

V The Judicial Treatment of the Transposing Law in Greece

VI Closing Remarks

Bibliography

Chapter 10: The Impact of the MCD on Housing Credit in Hungary in the Context of Post-2015 Housing Policy Interventions

József Hegedüs, Bence Örkény, Eszter Somogyi and Nóra Tosics

I Introduction

II Implementation of the MCD in Hungary, Mortgage ‘Debt Brake’ Rules and their Evolution

III Mortgage Trends and Non-Performing Loans in 2014?2024

IV Conclusion

Bibliography

Chapter 11: Regulation of Mortgage Lending and the Irish Housing Crisis. From Mortgage ‘Arrears’ to Housing ‘Unaffordability’

Mark Jordan

I Introduction

II From ‘Arrears’ to ‘Unaffordability’: The Changing Dynamics of the Irish Housing Crisis

III Overview of the Regulation of Mortgage Lending in Ireland

IV Reviewing the MCD in Light of Developments in Ireland

V Conclusion

Bibliography

Chapter 12: Some Problematic Issues Concerning the Implementation of the MCD in Italy

Luigi Buonanno and Francesco Mezzanotte

I Introduction

II Pre-Contractual Information

III Creditworthiness Assessment

IV The Unfairness of the Indexation Clause in Foreign Currency Mortgage Loans

V Early Repayment and Reduction in the Total Cost of the Credit

VI Instead of a Conclusion, Looking Ahead

Bibliography

Chapter 13: The Review of the Mortgage Credit Directive: A Lithuanian View

Paulius Astromskis

I The Lithuanian Mortgage Credit Landscape

II Challenges Concerning Entry into Force, Implementation and Application of the Law

III Challenges Concerning the Scope of the Law

IV Challenges Concerning Form and Content of the Credit Agreement

V Challenges Concerning Termination of the Credit Agreement

VI Emerging Solutions and Future Challenges

VII Conclusions

Bibliography

Chapter 14: Insights and Experiences: The Mortgage Credit Directive in the Netherlands

Irene Visser

I Introduction

II Background Information Regarding the Dutch Mortgage Market

III Pre-Contractual Information and Digitalisation

IV Creditworthiness Assessment

V Financial Education

VI Early Repayment

VII Reasonable Forbearance

VIII Overall Analysis

Bibliography

Chapter 15: Consumer Protection and Foreign Currency Mortgage Credit from the Perspective of Transposing the MCD 2014/17 in Poland

Magdalena Habdas

I Introduction

II Regulating Activities of Mortgage Credit Intermediaries

III Increased Consumer Protection and Mortgage Creditors

IV Consumer Protection in Tying and Bundling Practices

V The Cooling-off and Reflection Periods, the Right of Withdrawal and Early Repayment

VI The Problematic Foreign Currency Mortgage Loans

VII Conclusions

Bibliography

Chapter 16: Mortgage Credit in Portugal Six Years After the Transposition of Directive 2014/17/EU

Mariana Fontes da Costa

I General Overview of the Transposition of Directive 2014/17/EU in Portugal

II Positive Impacts Deriving from the Transposition of Directive 2014/17/EU in Portugal

III Insufficiencies of (the Transposition of) Directive 2014/17/EU in Portugal

IV Conclusions

Bibliography

Chapter 17: Mortgage Loans in Romania. (Still) Struggling with the Inheritance of the Past

Mónika Józon

I Introduction

II Specific Regulatory Needs of the Romanian Mortgage Loan Market

III Transposition of Directive 2014/17/EU

IV Problems in Search for Solutions in the Romanian Market of Consumer Loans

V Lessons for the Future

Bibliography

Chapter 18: Review of the Mortgage Credit Directive from the Spanish Experience

Sandra Castellanos Cámara and Gorka Galicia Aizpurua

I Introduction

II Scope of Application of the MCD: The Fragmented Regulation It Enables

III Responsible and Transparent Lending

IV Arrears and Mortgage Enforcement

V Final Remarks

Index

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