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What it is

Bill to protect homeowners facing mortgage foreclosure

Admitted step 2 of 7 · Unfinished

It is a members’ bill. Introduced by parliamentary groups, the Senate, regional governments or citizens. It was introduced on 21 February 2023. Introduced by: Grupo Parlamentario Plural.

Official title: Private member's bill for the reform of Law 1/2000, of 7 January, on Civil Procedure, on mortgage guarantees.

Follow this law

Source: Congreso de los Diputados, file 122/000307· updated 11 Nov

Automatic summary, not yet reviewed

  1. The bill would require a bank filing a mortgage foreclosure lawsuit to submit a certificate from the National Securities Market Commission confirming that the mortgage has not been transferred to a securitization fund. This would prevent a party that no longer owns the loan from suing.
  2. It would also change the starting price for the court auction of a foreclosed home. That price could not be lower than the appraisal value set when the loan was signed, instead of the current 75%, so the person foreclosed on would not still owe money after losing the home.
  3. Through these measures, the bill seeks to make the bank prove it is the legitimate owner of the loan, rather than making the borrower prove the opposite, which today is very hard because of the opacity of securitizations.
  4. This is a bill introduced by the Plural Parliamentary Group and admitted for processing in the Congress of Deputies (Congreso de los Diputados); it is not an approved law. If passed, it would take effect the day after its publication in the Official State Gazette (Boletín Oficial del Estado).

Who it affects

  • Homeowners facing a foreclosure lawsuit: They would have assurance that the party suing actually owns the loan and that the auction starts at the appraisal value.
  • Banks and securitization funds: They would have to prove ownership of the mortgage with an official certificate before suing.
  • Housing rights groups and social movements: They would see a long-standing demand addressed, such as dación en pago and protection against irregular foreclosures.

Words worth knowing

Titulización hipotecaria (mortgage securitization)
A transaction in which a bank bundles several mortgages and transfers or sells the collection rights to a fund. The original bank may stop being the owner of the loan.
Ejecución hipotecaria (mortgage foreclosure)
A court process that auctions the home of someone who stops paying the mortgage, to pay the debt with the proceeds.
Dación en pago (debt forgiveness by handing over the property)
Handing the home over to the bank to cancel the entire mortgage debt, with nothing further owed.
Euribor
The interest rate index used to calculate most variable-rate mortgages in Spain. When it rises, the monthly payment rises.
Legitimación activa (standing to sue)
The qualification of a party that has the right to file a lawsuit because it actually owns the right being claimed.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 2 of 7 steps. It reached Admitted, and today it is unfinished.

  1. Introduced21 February 2023Someone registers the text in the Congreso.
  2. Admitted28 February 2023The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsnot reachedGroups propose changes.
  4. Committeenot reachedA committee goes through the text in detail.
  5. Plenarynot reachedAll 350 deputies vote.
  6. Senatenot reachedThe Senate can pass it, amend it or veto it.
  7. BOEnot reachedIt is published in the Official State Gazette (BOE) and comes into force.
See the 6 official steps on a timeline
Feb 2023Mar 2023Apr 202311. 21 February 2023: Presentación22. 28 February 2023: Boletín Oficial de las Cortes Generales Publicación desde 28/02/2023 hasta 03/03/202333. 28 February 2023: Calificación44. 3 March 2023: Gobierno Contestación desde 03/03/2023 hasta 13/04/202355. 13 April 2023: Pleno Toma en consideración desde 13/04/2023 hasta 30/05/202366. 30 May 2023: Concluido - (Caducado) desde 30/05/2023 hasta 16/06/2023

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

The legislature ended before it finished. To go on, someone would have to introduce it again in the new Cortes.

It has not been presented again yet.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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