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    Post Crisis Evolution of Mortgage Legislation: A Comparative Perspective of Ireland and Spain

    Lynch Shally, Karen (2014) Post Crisis Evolution of Mortgage Legislation: A Comparative Perspective of Ireland and Spain. Teoría & Derecho. Revista de pensamiento jurídico, 16. pp. 76-96. ISSN 1888-3443

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    There are striking parallels between Ireland and Spain from an economic, social and legal perspective. In a pre-crisis economic context, both experienced significant and sustained house price inflation and mortgage market expansion and, in the subsequent reversal of house price trends, they were amongst those countries which experienced the highest consistent price falls in Europe1 . The bursting of the housing bubble and the ensuing global recession led to a significant increase in national unemployment and exposed an indebtedness crisis amongst mortgage consumers; most notably those who were adversely impacted by increased unemployment and those who contracted in the inflationary pre-crisis context when loan origination was premised less on affordability and sustainability than on assumptions of continued asset price appreciation. In both jurisdictions, the legal framework for residential mortgages, which had been comparatively static in a pre-crisis context, became increasing dynamic as national legislatures and regulators attempted to respond to the deficits exposed by the crisis and the related social issues. This article identifies the evolution of the post crisis national frameworks and identifies the similarities and distinctions in the objective, form, scope and impact of the responsive provisions.

    Item Type: Article
    Keywords: Post Crisis Evolution; Mortgage Legislation; Comparative Perspective; Ireland; Spain;
    Academic Unit: Faculty of Social Sciences > Law
    Item ID: 17311
    Depositing User: Karen Lynch Shally
    Date Deposited: 12 Jun 2023 11:56
    Journal or Publication Title: Teoría & Derecho. Revista de pensamiento jurídico
    Refereed: Yes
    Use Licence: This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here

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