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Take
broader credit
FACE THE DANGER whether Russia mortgage housing crisis, as happened in America
The crisis Mortgage lending in the United States is continuing. Investbank itrading in Bad Credit Mortgage securities, one by one declare default. In this regard,representatives of some of the largest banks in Russia have warned that such a
situation could arise and we in Russia, where there is a mortgage lending boom,
supported presidential statements on the need to address the housing problems
of citizens.
But bankers cause for concern is that some banks issue mortgage loans without
down payment, but their clients are often people with low incomes. It is theseMortgages loans triggered a crisis in the United States, which is now shakingthe world's financial system. However interviewed "WP" experts
believe the fears are exaggerated.
"Although the mortgage market and is growing rapidly, he began his rise to
the" low start. "Whereas in the past year, citizens have taken
mortgages from banks at 250 billion rubles, in the first half of this year, the
amount of such loans have reached 140 billion." No until We took a tiny
portion of a mortgage in the amount of GDP on such programmes bought only 5 per
cent of shelter "- explains the first Vice Chairman of the State Duma
Committee on Bad Credit Organizations and Financial Markets Pavel Medvedev. crisis,and if possible, he will have a local character. affect only those I banks,
which hold rude policy, said the expert. little But such banks, and
they do not play a fundamental role. And, it is unlikely that their behavior
would provoke a crisis throughout the banking system, I am confident Medvedev.
however, advises deputy, the Central Bank may be all the same attentive
consideration to the mortgage banks to avoid default in the
"individual" Remortgage Organizations.
Recall that mortgage - this is a Loan to purchase real estate on bail purchase housing. Through this mortgage bank insures itself against possible risks - if
the client for any reason, refuses to pay the loan, the bank is entitled to
sell the property and reimburse the loss. But the procedure for removal and
sale of housing is not so easy when it is the only roof over their heads
borrower. Also, real estate prices may fall, and then the bank will not cover
the costs.
A similar situation has now arisen in the United States. Until 2006, real
estate prices in the States went to the growth. And many Americans took credit at any interest, because they still could recoup, fastest flat. At the sametime, banks are actively promoted its services to the mortgage lending market -
they give out loans without a down payment, and did not require help from the
citizens of earnings. But then the price of the square metre fell, and interest
rates on loans have risen. As a result, nearly 1.5 million Americans are unable
to pay the debt to banks. The amount of outstanding mortgage venture has reached
1.3 trillion dollars. On the verge of bankruptcy were about fifty credit
organizations. And that has jeopardized intermediaries - banks and investment
companies selling bonds, collateralized mortgage lien, and, consequently, the
entire financial system of the United States. And together with international
investors and central developing countries that have invested money in US
securities.
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