EU reacts to mortgage lending
28 November 2007
The European Union has reacted swiftly to the sub-prime mortgage disaster affecting the United States and many other world markets. EU officials have drafted proposals, which they hope will be pushed through in 2008.
EU Internal Market Commissioner Charlie McCreevy will unveil proposals on December 19 that will affect the mortgage market.
After the American banks lost billions by providing home loans to people with little ability to repay them, the European Commission wants transperancy with mortgage lenders to avoid a European fiasco.
The EU Commission will stop people with a poor credit history from getting themselves and the bank in difficulty by forcing mortgage lenders to address things such as the fees, percentage rates and responsible lending and advantages of early repayments.
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