Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-10-05-Speech-1-169-000"
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"en.20151005.12.1-169-000"2
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"Madam President, the 2008 subprime crisis in the US created chaos across the mortgage markets in the EU due to irresponsible lending. It was in that year that Spain’s housing bubble collapsed. This still continues to impact on many borrowers, who found their loans increasingly unaffordable, with a high level of defaults and foreclosures, which continues to rise. I genuinely sympathise with their plight.
We need to have action to avoid eviction for those most in need – the young, the elderly and the young with families. What is needed is greater restructuring of the debt system. In 2011 the Commission created legislation for a fair single market for mortgages. Its focus was to ensure that all consumers getting a property or a mortgage on their home had adequate protection on risk. But, sadly, this is yet to be implemented fully across all Member States. Therefore, I call upon the Commission to ensure that Member States implement better lending practices and to lessen the stark contrast between practices in Member States, which leaves our citizens exposed."@en1
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