The European Federation of Building Societies criticizes the US governments’ rescue plan for home owners that are threatened by foreclosure as ‘conceptless’, which sends a clear warning to the European Commission”, according to Andreas Zehnder, Managing Director of the EFBS.
“Variable interest rates and 100 % debt financing were meant to be sold in Europe as miracle cure increasing the economic growth”, Zehender said. “The failure of the US American finance systems is a confession of failure that hopefully came early enough to definitely bury the plans of the European Commission to harmonise the EU mortgage markets”, he added.
© Graham Bishop
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