Russia has warned about the threat of the crisis on the American scenario


www.vsyako.netPhoto: Alexander Kryazhev / RIA Novosti

Russia has not excluded the development of the mortgage crisis on the model of the U.S. crisis that erupted in 2007. This is stated in a study published Analytical credit rating Agency (ACRA).

According to analysts, the program “Factory of MBS HOUSE.Of the Russian Federation”, developed for the solution of housing problems in Russia, involves the production odnotrahniki “Agency” mortgage-backed securities (MBS) and copies the model of Fannie Mae and Freddie Mac — the us mortgage agencies, the financial collapse which in 2007 became the reason of development of a large-scale crisis in the U.S. housing market and subsequent global economic crisis.

“The volume issued in Russia odnotrahniki of mortgage-backed securities as of June 2019 has already exceeded 320 billion rubles, — stated in ACRES. — The amounts of emissions embedded in targets “HOUSE.Of the Russian Federation”, talking about the fundamental transition of the Russian mortgage market on the rails legacy of the American model, from which with great difficulty get rid of the regulators and financial institutions of the United States”. The transition to this model, experts stress that will have negative long-term consequences for the Russian financial market and the economy as a whole.

In ACRA noted that if “HOUSE.Of the Russian Federation” for any reason will not be able to fulfill their obligations on the mortgage bonds, the loss will be forced to assume the state “as a lender of last resort”. Budget expenditures to cover defaults on odnotrahniki of mortgage-backed securities under adverse scenarios (decrease of solvency of borrowers) can range from 900 billion to 1.5 trillion rubles, analysts estimated.

In their view, the “agent” of mortgage-backed securities also are not able to create normal conditions for the development of the Russian mortgage market. Optimal production in Russia transparent mnogootraslevoy of mortgage-backed securities, I think in ACRES.

Earlier, in the fall of 2018, credit experts said that the first signs of the mortgage crisis in Russia can already appear in 2019. The problem, in their opinion, will arise from the fact that in the period from 2014 to 2016, Russian banks issued a lot of risky mortgage loans. Portfolio of such loans from banks “huge,” warned the experts.

The sharp deterioration in the financial performance of Fannie Mae and Freddy Mac became one of the causes of the global economic crisis of 2008 that led to global recession. The crisis began with the mortgage sector have found that derivatives of mortgage securities, popular in the market was greatly overvalued.

Video, photo All from Russia.


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