Press Release: Home loans: Commission publishes expert report on boosting the cross-border mortgage market

The report of the Forum Group on Mortgage Credit, set up by the European Commission in March 2003, was published on 13 December 2004. It proposed legislative and non-legislative measures to boost the integration of the EU home loans market, which could lead to more choice and financial savings for consumers and new opportunities for lenders. The steps advocated by the Forum Group, which comprised industry and consumer representatives, covered many areas including consumer protection, client credit assessment, mortgage brokers, registration systems, which law should apply in cross-border contracts, and the financing of mortgages through capital markets. The Commission planned to present a Communication by the middle of 2005 with its own views on how the Group's 48 recommendations could be developed into EU policy.