Press Release: Statement by Commissioner Michel Barnier following the agreement in trilogue on the Mortgages Directive

The Mortgage Credit Directive (Directive on credit agreements relating to residential immovable property) will introduce for the first time European-wide standards for the conduct of the credit worthiness assessment in the mortgage credit area. Where the result of such assessment is negative, the creditors will no longer be allowed to hand out mortgage credits.

The Directive will offer the mortgage credit providers new opportunities to take full advantage of the Single Market with its 500 million consumers. Provided that credit intermediaries are properly authorised, registered and supervised at national level, they will receive a European passport and can look for new business opportunities in any of the 27 Member States.

Above all, the new Directive will include a number of important elements that go beyond a mere crisis response, for the benefit of consumers.

ESO: Background Information: Mortgages: better protection for European consumers http://www.europeansources.info/record/press-release-mortgages-better-protection-for-european-consumers/

EurActiv, 23.04.13: EU seals agreement on mortgage law to avoid more housing bubbles http://www.euractiv.com/euro-finance/eu-seals-agreement-mortgage-law-news-519305

---