European Court rules Spanish mortgage law is abusive
Mar 14th 2013, 5:36 pm
#1
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European Court rules Spanish mortgage law is abusive
Some good news for a change.
Unfortunately it isn't retrospective but it does apply to cases currently going through the courts. Judges now have to power to prevent evictions and require banks to reach a compromise.
The European Court of Justice on Thursday ruled that Spain’s mortgage law is incompatible with a European directive on abusive practices in consumer contracts, opening the door to more legal protection for households facing eviction from their family home.
http://elpais.com/elpais/2013/03/14/...99_406548.html
http://elpais.com/elpais/2013/03/14/...99_406548.html
Mar 14th 2013, 8:06 pm
#2
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Re: European Court rules Spanish mortgage law is abusive
Excellent news
I was trying to think how this may affect property prices and the willingness of banks to hand out mortgages. Any ideas?
I was trying to think how this may affect property prices and the willingness of banks to hand out mortgages. Any ideas?
Mar 15th 2013, 11:52 am
#3
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Re: European Court rules Spanish mortgage law is abusive
Not really, though hopefully it will make banks much more cautious about lending. But they still have so many repossessed properties on their books that I doubt it will affect property prices?
