CML welcomes Commission decision on mortgage directive and warns of wrong focus

18 December 2007

The Council of Mortgage Lenders welcomes the Commission’s white paper on mortgages and its decision not to recommend a mortgage directive without further study. But the CML continues to believe that the best way to foster greater integration of EU mortgage markets at this stage is through the removal of barriers to business rather than through harmonising consumer protection measures.

 

CML believes there is a long way to go before “cross-border” shopping becomes likely. As a result, the CML continues to urge the Commission not to focus on harmonising consumer protection measures at this stage, as there is no evidence that this would make any difference in practice to the extent of cross-border lending that would occur.

 

Press release

© Graham Bishop