The Payment Accounts Directive, which improves the transparency of bank account fees and makes it easier to switch accounts from one bank to another, among other things. The Mortgage Credit Directive to make responsible mortgage lending the norm across Europe. The recently-agreed Insurance Distribution Directive, which ensures that consumers benefit from greater choice and information when they buy insurance products. The Commission's Action Plan on Building a Capital Markets Union to develop stronger capital markets across the EU, including for retail investment products. The Single Market Strategy which aims to reduce barriers and prev ...[+++]ent discrimination within the Single Market. The Digital Single Market Strategy to boost access to digital products and services and put an end to unjustified geo-blocking. The renewal of the Financial Services User Group, for which a call for applications was launched on 20 February 2017.

The minister is to blame with his risky mortgage scheme in budget 2006 that brought U.S.-style 40-year mortgages with zero down payment to Canada, and helped create the current housing bubble.

To explain, mortgage default insurance is mandatory under federal legislation for down payments of less than 20%. As a result, about half of Canadian mortgages today are insured, which means that each mortgage application is reviewed both by a lender and by a mortgage insurer before being approved.

Through its mortgage loan insurance, the Canada Mortgage and Housing Corporation, CMHC, has helped millions of Canadians finance the purchase of their home with a down payment of only 5% and interest rates comparable to those offered to buyers making a down payment of 25% or more.

Denmark may allow its mortgage credit institutions organised as cooperative societies or funds before 1 January 1990 and converted into public limited liability companies to continue to include joint and several commitments of members, or of borrowers as referred to in Article 36(1) claims on whom are treated in the same way as such joint and several commitments, in their own funds, subject to the following limits:

Through default insurance, borrowers with down payments as low as 5% have access to mortgage financing at terms and conditions comparable to those with much greater equity.