Mortgage credit institutions in Russia fearful crisis erupted in the U.S. mortgage market. They call to protect the Russian market, in order to avoid defaulting on mortgages. Over the past five years the volume of mortgages in Russia increased 73 times, but the penalties on these loans was not more than a tenth of a percent. While, in the opinion of the community, the Russian legal practice is not ready for the challenges of the mortgage market. Over the past five years, the volume of mortgage loans increased by 73 times. The volume of loans amounted to about $ 25 billion, or about 600 billion rubles. The number of penalties on him in 2007 did not exceed 700, whereas it was issued approximately 400 thousand loans. "Banks will survive stressful time, but they want to be sure they will get their money back," It would seem that there is no reason to worry. However, participants in the mortgage community concerned. "A few years ago, defaulted mortgages seemed theoretical problem, but last year showed that we, Russia, repeat the path of other nations. More than 1 percent of mortgages were Defaulted, though not all require the eviction, "- said the president of the board of the National Association of Mortgage Market Participants, Vladimir Ponomarev. The seriousness of the issue and said the vice-president Valery Kazeykin MAIF. "The West mortgage crisis has arisen because of defaulting mortgages, - he explained. - People could not pay on time with the banks, because the terms of the loans were not adequate to their level of financial support and market development. " But in Russia, above the requirements and standards of the Agency for Housing Mortgage Lending (AHML) harder. "In Russia, too, began to provide loans with no down payment and confirmation of income, but when the Western market showed what it could, such programs have been phased out," - reminded Kazeykin. Deputy Head of Mortgage Association of Russian Banks Eugene Chepenko sure that Russian banks will survive stressful time, but they want to be sure they will get their money back. "Banks and mortgage statements should be legally protected," - he said. To increase the attractiveness of mortgages to investors, it is necessary, according to Chepenko, establish a process of foreclosure on the collateral and reduce the time of the procedure, or, to put it simpler, make it so that if necessary, the borrower's property could sell quickly and to indemnify the lender. However, the court admits the possibility of failure of foreclosure on the collateral in connection with a disproportionate creditor's claims, when, for example, at the end of the maturity of the loan value of the flat is many times higher than the amount taken from the bank. Another feature, which pointed professionals - this is the Central Bank regulations on which the mortgage is considered a risky asset, its risk is 100 percent. Market participants are asked CB to change this. However, a long procedure prevents the sale of an apartment unscrupulous borrower, which may use different positions of the delay to one year. In addition, the government has long adopted a resolution on the establishment of a maneuverable housing for these borrowers, but in many parts of it and not to evict people who have lost their mortgage housing, nowhere to go. Requires the intervention and the abolition of compulsory life and health insurance as a guarantee of the borrower's loan. Insurance reduces the risk of bank and loan interest rates - around 1.5-2 per cent. In addition, if the borrower that something will happen, then his family will be protected as a lending institution will pay the insurance company. Work in this direction is one and a half years, but until the problem has found understanding among officials. "It is believed that the apartment - it's liquid collateral, so any other unnecessary burden" - explained the Director of Legal Department AHML Anna Volkova. She noted that if the debtor's property seized and sold, the borrower is concerned, that the apartment has been rated as expensive as possible, and the bailiffs - that it was more realized, and it is often sold cheaper than market value. On this issue also needs balance. A single company with all the issues can not cope. Therefore NAUIR offered to all who work in this market, included in a national mortgage association, similar to the National Mortgage Bankers Association in the U.S., to develop solutions that are consistent with the scale of the market. The founding congress of the new association will be held in March in Yaroslavl.
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