The Commission published the reports of two expert groups in order to explore in detail the issues of mortgage funding and consumer protection. The report of the Mortgage Funding Expert Group reviews all barriers to the emergence of an efficient and competitive pan-European mortgage funding market, and proposes solutions to remove existing obstacles.
It focuses on both primary and secondary markets and covers all funding techniques such as deposits, covered bonds and residential Mortgage Backed Securities. The Report concludes that although European mortgage funding markets are already relatively competitive and efficient, targeted measures at national or EU level could further improve their operation.
The Mortgage Industry and Consumer Dialogue explored in detail four key consumer protection issues. Even though they have not led to definitive conclusions on how consumer protection measures could be harmonised, discussions were open, constructive and highly useful for the Commission.
The Commission will publish its White Paper in June 2007. Deadline for comments on the Funding Group Report is 15 February 2007.
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