Banks run out of mortgage resource

The program to restore the mortgage market, which is realized via VEB, was more in demand than expected at its launch. Less than six months, VEB has received bids from banks for all the 150 billion rubles. From the Government for this purpose. Program funds are exhausted, and will soon accept applications from commercial banks will be suspended. As told "Kommersant" Deputy Director of Investments and financial advisory services "VEB Capital" Ilya Belyaev, within the framework of Vnesheconombank to refinance mortgages from commercial banks received applications for 130.5 billion rubles. And as soon as the limit of the program (150 billion rubles. ) will be selected entirely through the application of even a single organization. To date, nine have already been approved applications: Savings (at 30 billion rubles.) Gazprombank (30 billion rubles.), The Agency for Housing Mortgage Lending (AHML, at 25 billion rubles.) Bank "Uralsib" (20 billion rubles .), Khanty-Mansiysk Bank (7 bn.) Investtorgbank (6 billion rubles). VTB 24 (5 billion rubles.) bank "East" (by 5 billion rubles.) Bank and housing finance ( 2.5 billion rubles).. In the near future to obtain the combined application of several regional banks through the Association of mortgage companies by 19.5 billion rubles. Told Mr. Belyaev. After that, acceptance of applications will be suspended. Mortgage refinancing program VEB was adopted in March of this year on behalf of the government to stimulate housing construction and activation of the mortgage. The program will invest EBV (150 billion rubles.) In mortgage bonds to be issued by a bank or AHML on loans for housing under construction or flats in certain circumstances. So, the effective rate from the date of registration of mortgage - 11% per annum, the minimum initial contribution - 20%, the maximum loan size - 8 million rubles. for Moscow and St. Petersburg, 3 million rubles .- for the regions. Bond Yields - 7% per annum. Thus, the limit of state funds allocated for the development of the mortgage by EBV, was exhausted in just six months of the program. When the project started, the bankers said that 150 billion rubles., Given the severe restrictions on credit conditions, banks would not be selected until the end of 2012 (see "Kommersant" on March 1). Against the background of such a high interest in the program by banks VEB speculation about the possible increase in the limit of state funds. "We expect that the first placement of mortgage bonds under the program will be held the following year (the time lag between the issuance of loans and issuance of bonds due to the fact that securitization can hold only after the registration of ownership of the house .-" b "), and if successful, in the future will be to raise the issue of additional funding for its development, - says Mr. Belyaev .- In this case, the number of participating banks can be expanded. " According to experts, the growing interest of banks to the mortgage program VEB associated with stabilization of the situation in the financial market and emerging growth of mortgage lending. "In the beginning, when it was announced that the program starts, the market was dominated by panic, - says CEO CEA" Interfax "Michael Matovnikov .- Against this background, banks were not eager to take on more risk." However, in the second quarter of this year, it became clear that the mortgage market recovering: According to the Central Bank, the first five months of this year, the volume of mortgages issued was 99 billion rubles., Which is twice the same period last year. Recovery in demand for mortgages has forced banks to revise their plans and to apply for participation in the government program of VEB. So no doubt that in the event additional funds under this program, the number of participating banks will increase, there is little to indicate Mr. Matovnikov. Interviewed by "b" banks have not yet participated in the program, state their desire to participate. Nevertheless, the possibility of development of the program depends on the government's decision to allocate additional funds to it. "For the program to develop, needs at least another 150 billion rubles. - Says analyst" Metropol "Mark Rubinstein .- Of course, the budget deficit allocation of such funds may be problematic. However, given the importance that the state attaches to the development of mortgage and construction This money can be allocated. "