Spain’s Mortgage Credit bill: practical considerations for purchasers of mortgage claims and portfolios

The Draft Bill transposing the EU Mortgage Credit Directive into Spain is expected to be passed by Congress in the coming weeks or months. It will establish new rules on lenders and intermediaries, and increased protections for individuals, in connection with certain debt transactions secured by, or granted in relation to, real estate properties (mainly for residential use). Some of these rules could be relevant to purchasers of mortgage claims or portfolios, as they may have an impact on certain contractual aspects of the claims they purchase and their ability to foreclose on the asset.