The Mortgage Credit Directive under Review

PART I
Chapter 1: The Mortgage Credit Directive under Review
Miriam Anderson
I Introduction
II The Main Aspects under Review
III Other Matters: Interest-Only Mortgages as Risky Products
IV Final Thoughts
Bibliography

Chapter 2: Artificial Intelligence and Consumer Protection in Credit Agreements
Esther Arroyo Amayuelas
I Introduction
II Credit Intermediaries and Comparison Platforms
III Advertising and Information about Credit
IV Assessing Creditworthiness Using Automated Data Processing (ADP)
V Conclusions
Bibliography

Chapter 3: Equity Release Products and the Scope of the MCD 49
Pedro del Pozo Carrascosa
I Introduction
II General Legal Framework
III The Reverse Mortgage
IV Life Annuities as Legal Structures to Monetise Immovable Property for Elderly Care
V Conclusion: The Need to Include Equity Release Products in the Scope of the Directive, and Other Ways Forward
Bibliography

Chapter 4: The Obligation of Transparency in the MCD. A Law and Economics Approach
Laura Alascio Carrasco
I Introduction
II The Rationale for Transparency: Information Asymmetry
III Classic Perspective: Duty of Information
IV Beyond Transparency: Other Instruments for Risk Assessment
V Final Remarks: Ex Ante Transparency v. Ex Post Action
Bibliography

Chapter 5: The New UK Consumer Duty: More Responsible Mortgage Lending?
Sarah Nield and Mark Jordan
I Introduction
II The UK Regulatory Approach to Consumer Mortgages
III The Consumer Duty
IV The Impact on Regulated Mortgages
V Conclusion
Bibliography

PART II
Chapter 6: Some Thoughts on the Belgian Response to the MCD: Uniformisation of Rules on Credit to
Consumers
Johan Vannerom
I Introduction
II Scope of Application
III Pre-Contractual Duties
IV Pre-Contractual Creditworthiness Assessment
V Right of Early Repayment
VI Greening the Belgian Property Market
VII The Enforcement of a Defaulting Mortgage Credit Agreement
VIII Conclusion
Bibliography

Chapter 7: Navigating Mortgage Market Issues in the Czech Republic: The Role of the MCD
Pavel Martiník
I Introduction
II Substantive Rules
III Procedural Issues
IV Early Repayment
V Creditworthiness Assessment
VI Intermediation and Brokers
VII Restrictions on Other Contractual Arrangements
VIII Conclusion
Bibliography

Chapter 8: French Law and the Challenges of a New Mortgage Credit Directive
Hélène Aubry
I Introduction
II Scope of the Provisions Deriving from the MCD
III Rules Applicable to the Formation of the Credit Agreement
IV Creation of Links Between the Loan Agreement and the Sale of Immovable Property
V Rules Applicable During the Term of the Credit Agreement
VI Conclusion
Bibliography

Chapter 9: The Mortgage Credit Directive under Review: Views from Greece
Anastasios Moraitis
I General Introduction
II Landscape of Residential Housing Market since 2017
III Legislative Changes in the Transposing Law since its Promulgation
IV Transposing Law Issues in the Course of Its Implementation
V The Judicial Treatment of the Transposing Law in Greece
VI Closing Remarks
Bibliography

Chapter 10: The Impact of the MCD on Housing Credit in Hungary in the Context of Post-2015 Housing Policy Interventions
József Hegedüs, Bence Örkény, Eszter Somogyi and Nóra Tosics
I Introduction
II Implementation of the MCD in Hungary, Mortgage ‘Debt Brake’ Rules and their Evolution
III Mortgage Trends and Non-Performing Loans in 2014?2024
IV Conclusion
Bibliography

Chapter 11: Regulation of Mortgage Lending and the Irish Housing Crisis. From Mortgage ‘Arrears’ to Housing ‘Unaffordability’
Mark Jordan
I Introduction
II From ‘Arrears’ to ‘Unaffordability’: The Changing Dynamics of the Irish Housing Crisis
III Overview of the Regulation of Mortgage Lending in Ireland
IV Reviewing the MCD in Light of Developments in Ireland
V Conclusion
Bibliography

Chapter 12: Some Problematic Issues Concerning the Implementation of the MCD in Italy
Luigi Buonanno and Francesco Mezzanotte
I Introduction
II Pre-Contractual Information
III Creditworthiness Assessment
IV The Unfairness of the Indexation Clause in Foreign Currency Mortgage Loans
V Early Repayment and Reduction in the Total Cost of the Credit
VI Instead of a Conclusion, Looking Ahead
Bibliography

Chapter 13: The Review of the Mortgage Credit Directive: A Lithuanian View
Paulius Astromskis
I The Lithuanian Mortgage Credit Landscape
II Challenges Concerning Entry into Force, Implementation and Application of the Law
III Challenges Concerning the Scope of the Law
IV Challenges Concerning Form and Content of the Credit Agreement
V Challenges Concerning Termination of the Credit Agreement
VI Emerging Solutions and Future Challenges
VII Conclusions
Bibliography

Chapter 14: Insights and Experiences: The Mortgage Credit Directive in the Netherlands
Irene Visser
I Introduction
II Background Information Regarding the Dutch Mortgage Market
III Pre-Contractual Information and Digitalisation
IV Creditworthiness Assessment
V Financial Education
VI Early Repayment
VII Reasonable Forbearance
VIII Overall Analysis
Bibliography

Chapter 15: Consumer Protection and Foreign Currency Mortgage Credit from the Perspective of Transposing the MCD 2014/17 in Poland
Magdalena Habdas
I Introduction
II Regulating Activities of Mortgage Credit Intermediaries
III Increased Consumer Protection and Mortgage Creditors
IV Consumer Protection in Tying and Bundling Practices
V The Cooling-off and Reflection Periods, the Right of Withdrawal and Early Repayment
VI The Problematic Foreign Currency Mortgage Loans
VII Conclusions
Bibliography

Chapter 16: Mortgage Credit in Portugal Six Years After the Transposition of Directive 2014/17/EU
Mariana Fontes da Costa
I General Overview of the Transposition of Directive 2014/17/EU in Portugal
II Positive Impacts Deriving from the Transposition of Directive 2014/17/EU in Portugal
III Insufficiencies of (the Transposition of) Directive 2014/17/EU in Portugal
IV Conclusions
Bibliography

Chapter 17: Mortgage Loans in Romania. (Still) Struggling with the Inheritance of the Past
Mónika Józon
I Introduction
II Specific Regulatory Needs of the Romanian Mortgage Loan Market
III Transposition of Directive 2014/17/EU
IV Problems in Search for Solutions in the Romanian Market of Consumer Loans
V Lessons for the Future
Bibliography

Chapter 18: Review of the Mortgage Credit Directive from the Spanish Experience
Sandra Castellanos Cámara and Gorka Galicia Aizpurua
I Introduction
II Scope of Application of the MCD: The Fragmented Regulation It Enables
III Responsible and Transparent Lending
IV Arrears and Mortgage Enforcement
V Final Remarks
Bibliography

Index