MBRD participated in business luncheon held with AHML and Vnesheconombank
02.12.2009
Tuesday, December 1, 2009, the business luncheon was held with representatives of OJSC "The Agency for Housing Mortgage Lending", executives of Vnesheconombank and banks participating in the mortgage market.
The objective of the event was to discuss mechanisms and terms for implementing a program to reduce mortgage rates for final borrowers through the investment of pension savings fundsб, managed by Vnesheconombank, in mortgage-backed securities resulted from securitization of mortgage loans granted at reduced rates.
Mr. Andrew Shelkoviy, Senior Vice-President, MBRD, being in attendance at the meeting, said: "Possibility to assign mortgage receivables to another financial player issuing mortgage-backed securities for their placement on the stock market is of great importance for the mortgage development. As a result, banks have the opportunity to expand lending, despite limited access to long-term financial resources, lower interest rates on loans and lengthen lending period. It is important now to shape a model for refinancing of mortgage loans. This issue must be evaluated through the prism of refinancing relations between a bank and a borrower, and between credit institutions as well”.
"The possibility to invest pension savings of the Pension Fund of the Russian Federation in mortgage securities has number of key factors. In addition to the invaluable role in the mortgage market development which allows reducing loan rates for borrowers, and effectively refinancing loan portfolios of the banks, the Pension Fund of Russia will receive reliable investment instrument, destined to ensure the reliability of investments and a stable income as well. In the current situation the compromise between authorities and social and business communities is extremely important. Relevant initiatives of regulatory bodies, development institutions, and off-budget funds may trigger economic growth and strengthening of the domestic financial sector"- said Mr. Maxim Korotkin, the Head of Securitization, MBRD.
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