Eurohypothec

Eurohypothec

The Eurohypothec can be defined as a "common mortgage for Europe", that is, a common mortgage instrument to secure loans transnationally and European-wide. Another (but unproper) way in calling it is "Euromortgage".

It is currently a research project [http://www.eurohypothec.com] undertaken by several researchers European-wide. The Eurohypothec has appeared for the first time in an official document of the European Union in the Green Paper about the Mortgage Credit in the EU (Brussels, 17.06.2005) [http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52005DC0327:EN:NOT] and has found an important acceptance among the European mortgage market stakeholders, scientific authors and authorities [http://ec.europa.eu/internal_market/finservices-retail/docs/home-loans/feedback_gp-en.pdf] .

History

The Eurohypotehc idea was already conceived by Prof. Claudio Segré during the 60s and was further developed by other institutions like the International Union of Latin Notaries, until our days in which researchers like Dr. Wehrens and Dr. O. Stöcker have pushed forward the idea.

Objectives

The objective of the Eurohypothec is to create a paneuropean, flexible and secure mortgage instrument that allows as many businesses as possible in a trans-national way: syndicated loans, securitisation, efficient covered/mortgage bonds business, etc. It also brings advantages to mortgagors, who would be able to change their credit institutions more efficiently, fast and cheaply.

Model

The model has been developed by a pool of researchers and practitioners, mainly devoted to private law matters and the result was condensed in the so-called "Basic Guidelines for a Eurohypothec", which were published in Warsaw in 2005 [http://www.pfandbrief.org/d/internet.nsf/0/1DD3495BD261F655C12572AA005B4190/$FILE/eur_guidelines_entl.pdf] .

Its main features are:
* Right in rem to secure one or more obligations/loans between the borrower and the same or different lenders.
* It does not substitute national mortgages.
* No need of obligation/loan to exist.
* It may secure as many obligations/loans as mortgagor and mortgagee want to.
* Contractual relationship between the mortgage and the credit/loan trough a so-called "security agreement"

The Basic Guidelines model has helped to develop the changes in mortgage law legislation in France (2007) and the Law Project in Spain (2007).

Related instruments to the Eurohypothec are the Eurotrust and the Eurotitle [http://www.rechten.unimaas.nl/ozic/Edinburgh/workshops/presentatie%20Ploeger.pdf] .

References

* NASARRE-AZNAR, Sergio, "Looking for a model of the Eurohypothec", European University Institute, 2004 [http://www.iue.it/LAW/ResearchTeaching/EuropeanPrivateLaw/Projects/Real%20Property%20Law%20Project/Background%20Paper%20Eurohypothec.pdf] .
* NASARRE-AZNAR, Sergio, “The Eurohypothec: a common mortgage for Europe”, The Conveyancer and Property Lawyer (United Kingdom), Thomson-Sweet & Maxwell, January-February 2005, pp. 32 a 52.
* NASARRE-AZNAR, Sergio and STÖCKER, Otmar, “Eurohypothec and Eurotrust. Future elements of a pan-European mortgage market” in “Innovation in securitisation. Yearbook 2006”, Jan Job de Vries Robbé and Paul Ali (coords.), The Hague, 2006, Ed. Kluwer Law International.
* SOERGEL/STÖCKER, “EU-enlargement in Eastern Europe and dogmatic property law questions – Causality, accessoriness and security purpose, Notarius International 2002.
* STÖCKER, Otmar, "The Euromortgage - does Europe need just one mortgage collateral? Mortgage Finance Gazette, 2005.
* WATT, Gary, "The Eurohypothec and the English mortgage", (2006) 13(2) Maastricht Law Journal 173-193.


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