Borrowers and lenders in the residential mortgage context: legacy of the financial crisis on regulatory frameworks in Ireland and Spain
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The Global Financial Crisis is clearly identifiable as a catalyst for reform of financial regulation and supervision in the period from 2008 onwards. It was also the starting point for the emergence of an indebtedness crisis among mortgage consumers in jurisdictions such as Ireland, which were characterised by significant levels of mortgage market liberalisation and house price inflation. This thesis focuses on the extent to which the crisis related impetus for reform has extended to the frameworks which regulate the interaction of borrowers and lenders in the residential mortgage context. The analysis is undertaken in the comparative context of Ireland and Spain, to facilitate an evaluation of the relative import of economic context and legal culture as causal factors in the process of reform, and the respective national and EU role in the process. It identifies residential mortgage regulation as a composite of obligations stemming from private and public law frameworks and uses a conceptualisation of constitutive and facilitative regulatory spheres to identify the distinction between the nature and function of the respective frameworks. The underlying objective is to identify the nature and extent of reform to the national frameworks over the period from 2008 to 2015. This facilitates analysis of the extent to which the reform can be interpreted as a regulatory response to the financial crisis and the issue of whether post-crisis frameworks represent a change in the paradigm of regulation as compared with their pre-crisis counterpart.