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The Commission published a feedback statement on the comments received on the reports of MFEG and MICEG. There was a widespread welcome for both reports. Industry representatives generally supported the recommendations of the MFEG and found the dialogue on the MICEG to be useful despite the fact it did not arrive at any definitive recommendations.
Member States generally supported the recommendations of the MFEG but had reservations about the effectiveness of some. There were different views on some major issues such as the access of non-banks to mortgage credit markets. There was wide support from all except the consumer representatives, for the view that any initiatives should be market driven and legal responses should be kept to a minimum.
Issues were raised about the scope of the report with some Member States indicating that in their countries not all home loans were in the legal form of a mortgage and may be outside the scope of any initiatives if they are confined to mortgage credit. Two respondents expressed surprise that the Reports did not address the issue of applicable law.
Report of the Mortgage Funding Expert Group
Report of the Mortgage Industry and Consumer Dialogue