European housing finance more resilient

Housing-finance markets in the euro area are more resilient to shocks their British and American counterparts, new research from the European Central Bank posits.

The research shows that the originate-to-distribute model is less well-developed in the euro area and that the role of securitisation in loosening credit standards was far less significant than in the United Kingdom and the United States. It also shows that European foreclosure procedures create a less direct link between house prices

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