UNDERSTANDING HOME MORTGAGE REGULATIONS: A CROSS-CULTURAL COMPARISON OF CANADIAN AND VIETNAMESE LEGAL FRAMEWORKS
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Abstract
This review provides a cross-cultural comparison of the legal frameworks governing home mortgage regulations in Canada and Vietnam. The study explores the similarities and differences in the legal structures, mortgage loan conditions, and foreclosure procedures in both countries, highlighting the strengths and weaknesses of each system. The findings reveal that developed countries have implemented robust legal frameworks to regulate mortgage lending institutions and protect the rights of borrowers and lenders. In contrast, developing countries like Vietnam are still in the process of developing their legal frameworks to provide better protection to borrowers and lenders. The review concludes with several recommendations, including the need for the Vietnamese government to continue developing and implementing legal measures to protect the interests of both borrowers and lenders, enhancing transparency and disclosure practices, exploring alternative dispute resolution mechanisms, and learning from the experiences of developed countries to provide better protection to borrowers and lenders.
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