The globalization and Europeanization of mortgage markets

Do globalization and Europeanization lead to the deterritorialization of European
mortgage markets? Neither economic globalization nor EU policies have resulted in one
European mortgage market. The various European mortgage markets are still quite
different from one another in many respects. In most countries national lenders continue
to dominate the market even though regulation itself has been internationalized to some
extent. Deterritorialization has been slow for various reasons: tax, law, cultural and
structural differences play a part, but the limited market share of mortgage
intermediaries and the unequal treatment of foreign mortgage lenders in some countries
also form a barrier. Path-dependent trajectories are highly important, but can sometimes
be bypassed by global processes or downplayed by the entry of foreign firms. The
secondary mortgage market is increasingly becoming globalized, while most primary
mortgage markets remain largely national. The financial crisis may temporarily slow
down securitization, while simultaneously both decreasing and increasing the
globalization of mortgage regulation, firms and markets.