Legal tip 499. Hopes for new mortgage system in Spain?
Wednesday, April 13, 2011 @ 1:28 PM
The Commission for Justice of the Congress rejected yesterdsay two amendments to the Consum Credict Act brought by ERC-IU-ICV by which these groups tried to introduce in this Act a legislative limit to floor-clauses in mortgage loans which have already been declared abusive by Spanish Courts.As you all know, these floor clauses established unproportionate limts to the application of interest rate falls: a Seville Court declared them illegal last October2010.
The encouraging side of the new is that both PP and PSOE representatives stated that the reason for the rejection is not the lack of sense of the proposal but just a matter of a correct legislative framing. They both thknk that the matter needs Congress discussion under a different chapter: Mortgage Act reform.
Good!
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Arcos de la Fronterra, Costa de la Luz, Cádiz, Spain