Press Release: Mortgage credit: Council confirms agreement with EP

The Permanent Representatives Committee today (8 May 2013) approved a compromise text agreed with the European Parliament on 22 April on legislation aimed at creating a genuine internalmarket for mortgage credit, with a high degree of consumer protection.

The draft directive sets out to create an efficient and competitive single market for consumers, creditors and credit intermediaries. It seeks to establish a high level of protection whilst addressing irresponsible lending and borrowing which, in the recent context of financial crisis, has contributed to increased numbers of unaffordable loans, defaults and foreclosures throughout the EU.