Banks will be able to refinance any mortgage loans

Agency for Housing Mortgage Lending (AHML) launched a new program under which the banks will buy mortgage-backed bonds issued for loans. Including granted not by the standards of AHML and home purchase in the secondary market. While the agency plans to spend on this program 20 billion rubles. from its own funds before the end of 2012. Market participants call this modest sum, considering that only next year, bankers are prepared to issue a mortgage for 550 billion rubles. According to the plan AHML, a new program to encourage securitization and the issuance of mortgage loans, adding to the standard program of refinancing. "It will be a new form of refinancing, which the agency offers primarily large and medium banks, including the unemployed, according to our standards," - said General Director Alexander HMLA Semenyaka. Under the new program, the agency plans to redeem the senior tranches of mortgage bonds, which have the highest reliability in the structure of production. In this case all the risks of quality pool of loans (the risks of defaults) are focused on the junior tranche, which bought out the originator company - which forms the mortgage collateral. Bonds must be denominated in rubles, have at least one long-term credit rating not below BBB-(classified Fitch) or joint and several guarantee AHML. The volume of tranche shall be from 1 billion to 5 billion rubles. The program includes purchase of securitized loans not by the standards of the agency and issued to purchase housing on the secondary market, said the AHML. The agency said that it will allow banks to free up additional funds and actively give a mortgage on the primary market. While banks are looking at the program, positively evaluated the initiative HMLA bank "Opening", Credit Bank of Moscow and the Moscow Bank for Reconstruction and Development (IBRD). "The amount of 20 billion rubles. looks modestly, "- said counselor predpravleniya IBRD Elena Voronina. This figure is particularly insignificant against the background of the volume of mortgage issuance in 2011, which is expected to grow by 65% ​​to 550 billion rubles., Says director of the credit department of the bank "DeltaCredit" Irina Kuzmichev. Director of the Department of Finance HMLA Elena Morozova said that "if the application will go to the larger volume, we may increase the program."