This article explores the role of law in the expansion of home ownership and the protection from over-indebtedness through mortgage loans. We will see that the access-dimension of law, which deals with broadening financial inclusion of consumers into financial markets, is more developed than its protective dimension, which is to protect those consumers from over-indebtedness. A case in point is the seminal Aziz case of the Court of Justice of the European Union (CJEU). It shows that financial inclusion is a fallacious concept, if not accompanied by means to protect from inherent risks. In the end, the goal of financial and social inclusion and the democratization of credit is not achieved and home ownership is put at risk. While emphasis of this article lies on the EU legal framework, it concludes with a few comparative remarks on Chilean law in order to answer the question: what would have happened to Mohammed Aziz if he was Chilean?


financial inclusion over-indebtedness mortgage law consumer protection EU Law Chile