European mortgage directive delayed again

A key stage in voting through the European mortgage directive has been delayed for the fourth time.

The European Parliament’s Economic and Monetary Affairs committee was due to vote on its amendments to the legislation yesterday, but this has now been delayed until May 14.

The vote was originally scheduled to take place in December 2011 but was pushed back to February 2012, then again until April 24 and then May 8.

ECON is one of two committees scrutinising the directive, the second, the Internal Markets and Consumer Protection Committee voted through its amendments on December 5 2011.

ECON’s report is being spearheaded by rapporteur, Spanish MEP Anrolin Sanchez Presedo.

A spokeswoman for ECON says: “I do not know the precise cause of the delay, but they usually occur because the groups do not have enough time to establish strong compromises between the groups, so they are still working on finalizing the changes to the commission’s text.”

ECON will vote on issues such as the 14-day cooling-off period proposed in the European mortgage directive and whether the UK will keep the Key Facts Illustration.