EFBS criticizes US rescue plan as ‘conceptless’

07 December 2007

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