The US warned about the “mortgage bubble” in Russia


www.vsyako.netPhoto: Yury Martyanov / Kommersant

The Russian authorities should take measures to prevent the subprime mortgage crisis, which could begin from-for initiated by the leadership of the country program of concessional lending at 6.5% per annum. This opinion was expressed by the expert on the Economics of Bloomberg’s Scott Johnson.

“The government might want to do something to prevent the formation of a “bubble” (mortgage — approx. “Of the”), “warned Johnson. He appreciated the support of the market of housing loans taken by the Russian authorities. According to the expert from the United States, they were necessary — the lack of support could spark a major crisis.

That the expansion of the program of preferential mortgage at 6.5 percent may be dangerous for the Russian budget, on July 28 said Deputy Finance Minister Alexei Moiseev. He noted that the program must remain exclusively crisis. The official said that another risk was the growing debt burden indicator (PDN) Russian borrowers: approximately 40 percent of Russians cannot afford a housing loan even at 0 percent. “We run the risk of inflating a “bubble” in this market among people”, — said the Deputy Minister.

Mortgage at 6.5 percent per annum, Russian President Vladimir Putin announced April 16. A few days later, Russian banks have launched appropriate credit products. Within the grace program, you can get a loan to buy an apartment in the building at 6.5 percent per annum.

Reduced rate is valid for the whole crediting period. The maximum mortgage amount is limited: in Moscow and St. Petersburg it amounts to 12 million rubles, in other regions of Russia — 6 million rubles. The deadline for the program is November 1, 2020.

Video, photo All from Russia.


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