Consumer Protection in a Mortgage Contract
The College of Law at the University of Sharjah held a lecture entitled "Consumer Protection in the Mortgage Contract" on Monday 7/12/2020 at 12:00 PM, where it was delivered by a group of faculty members, in the presence of all faculty members, undergraduate and postgraduate students.
The symposium dealt with the following:
Prof. Ali Al Mehdawe discussed the protection of real estate unit buyers in real estate development projects in exchange for a double guarantee to meet the debts of the project financiers. He proposed activating insurance from the real estate developer's responsibility towards buyers, and detailed the mechanism for implementing this.
As for Dr. Saleh Al-Lahibi, he discussed aspects of protecting the current debtor from requiring the mortgagee to dispose of the mortgage, and from decreeing the nullity of the mortgage, protecting the mortgagee creditor from the current debtor's protest to a residential house that it is not enforceable, and considering the mortgage bond as an executive document.
Then Dr. Mahmoud Fayyad searched in the efforts of the international community after the crisis (2008), the recommendations made by the International Financial Stability Authority and the World Bank in 2012, and the extent of the consistency of the UAE Central Bank's decision No. 31/2013 regarding mortgage loans, and recommended working with a mortgage insurance system,
Finally, Dr. Mourad Benseghir searched in "Legal Guarantees to Protect Real Estate Loans - Algerian Legislation as a Model", its forms, legal nature and its sufficiency in achieving the desired protection for the consumer, and that the guarantees associated with real estate loans favor the lender at the expense of the consumer.