ABSTRACT
This chapter identifies the nature and scope of existing frameworks in both markets. It examines the comparative status of the mortgage consumer under contemporary national provisions. In Ireland and Spain, the rights and protections of mortgage consumers are contained in a variety of constitutional provisions and primary and secondary legislation. In 1999, the volume of outstanding residential mortgage loans was 26.18 billion and represented 26.5 per cent of GDP in Ireland, compared to 154.55 billion and 23.9 per cent of GDP in Spain. The chapter also examines mortgage law and consumer protection in both countries, including constitutional law, case law, primary legislation and secondary legislation. It focuses on the issue of preservation of income and introduces reforms to minimize the residual debt obligation in the context of sale of the residence. Both Ireland and Spain have introduced provisions which impose information-based requirements and responsible lending obligations.
