Tim Lassen
Association of
German Mortgage Banks
3rd Workshop On Housing Finance
in Transition Economies
Warsaw/Poland, 5th/6th December 2002
Session I: Overview Of Developments, Considering
Benefits Of Housing Finance
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I.
Legal development, considering benefits
of housing finance
1. EU-law
2. Law, not covered by EU-regulations
3. Overview on several countries in
transition
II. Necessary lobbyism
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I.
Legal development, considering
benefits of housing finance
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EU-law on mortgage finance
consumer protection
purchasing of real estate
through foreigners
(citizens and legal entities)
general banking law
in accession countries of first wave mostly fulfilled (faster implementation than in some EU-
countries)
in EU-law only partly
regulations for mortgage
lending
I. Legal development, considering benefits of housing finance
I.1 EU-law
insolvency of banks
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mortgage/charge on
land as credit security
various forms of mortgages/
charges on land
• more or less flexible regarding possibility of
securing credits (syndication)
• easy to transfer (MBS)?
• notary system
• registration necessary for creation of land charge?
land register
• clear evidence of ownership
• public faith
• electronic land register
• cadastre/land surveying
• link between
land registry
cadastre
(legal information)
(physical
information)
foreclosure law
• rank of mortgage/Charge on land
• effectiveness
• enforceable
decisive for a mortgage as credit
security
insolvency law
Mortgage regulations still under national rule
I. Legal development
I.2 Mortgage law not covered by EU-regulations
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Estonia
I. Legal development
I.3 Overview on several countries in transition
„hüpoteek“ only charge on land
independent (non accessory) from
the receivable
electronic land register
public faith
in bankruptcy first rank for „hüpoteek“
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Latvia
I. Legal development
I.3 Overview on several countries in transition
electronic land register
• public faith
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Poland
I. L