Towards a new EU regulatory law on residential mortgage lending
Journal of Property, Planning and Environmental Law
ISSN: 2514-9407
Article publication date: 28 February 2019
Issue publication date: 12 March 2019
Abstract
Purpose
The measures enacted so far at European level to address the global financial crisis are likely to have limited effects as they are still market efficiency oriented. Accordingly, this study aims to explore how the EU Charter on Fundamental Rights may be useful to achieve a more human right dimension in EU regulatory law.
Design/methodology/approach
The work departs from the current commodification of housing worldwide and the limited capacity of EU to tackle new housing challenges. The work takes the link already established by the CJEU between EU consumer law and the EU Charter on Fundamental Rights one step further and addresses the potential implications concerning residential mortgage lending.
Findings
The main finding is the potential influence that the EU Charter of Fundamental Rights may have on EU regulatory mortgage lending, as there are indicators of a bifurcation of mortgage law regimes at the EU level, separating home loans from other mortgages.
Social implications
The influence of the Charter of Fundamental Rights on EU regulatory law, mainly consumer law treated in a human rights dimension, could be a first step to treat housing as a social good and not as a commodity in the EU. This could lead to a completely new approach concerning the traditional rules governing residential mortgage loans.
Originality/value
The potential constitutionalisation of consumer law and the impact of the CJEU cases on national procedural rules have already been addressed by scholarship. The present work goes one step further as it addresses the potential implications of the EU Charter of Fundamental Rights on EU regulatory law in terms of the potential bifurcation of EU rules on mortgage lending.
Keywords
Acknowledgements
This work has been made possible thanks to the research stay at the Centre for Housing Law, Rights and Policy, National University of Ireland, Galway, between 1 March and 31 August 2018, funded by the Spanish Ministry of Education, Culture and Sports in the framework of the Programme “José Castillejo” for the Mobility of Young Scholars 2017 (CAS17/00474).
Citation
Simón-Moreno, H. and Kenna, P. (2019), "Towards a new EU regulatory law on residential mortgage lending", Journal of Property, Planning and Environmental Law, Vol. 11 No. 1, pp. 51-66. https://doi.org/10.1108/JPPEL-06-2018-0017
Publisher
:Emerald Publishing Limited
Copyright © 2019, Emerald Publishing Limited