EVOLUCIÓN POST-CRISIS DE LA LEGISLACIÓN HIPOTECARIA. UNA PERSPECTIVA COMPARADA IRLANDA-ESPAÑA

Abstract

Ireland and Spain experienced similar developments in pre-crisis housing and mortgage markets and accordingly, national legislatures and regulatory authorities were faced with similar challenges in the post crisis context. This article examines the evolution of national legislation to respond to the legacy effects of pre-crisis mortgage loan origination and, measures introduced to reform the statutory framework for lending. It identifies the common objective in the various responsive measures and proceeds to highlight the similarities and distinctions in form, effect and scope of national provisions. The article juxtaposes Irish and Spanish measures to assist distressed mortgagors and despite the common focus on loans in respect of the primary residence, a distinction is drawn between the targeted Spanish measures and their broader Irish counterpart. Notwithstanding convergence in the substance of measures regulating current lending practices, there is a fragmentation of applicability evident in Spain which is not replicated in the Irish context. The article highlights the capacity for EU legislation to increases the convergence of national frameworks in respect of this fragmentation whilst also identifying a notable and recent distinction in the impact of EU legislation on existing national frameworks