Mortgage - by money.

in the market believe that the mortgage will start to develop when the state will invest in a 300 billion rubles and develop all the necessary legislation, and inflation in the country will begin to decline.

Agency for Housing Mortgage Lending (AHML) developed the concept of the development of a unified system of refinancing mortgage loan up to 2010. The concept is aimed at providing a uniform capital inflows in the banking sector and through loans - to the people.

until 2010 AHML will create the conditions for the accumulation of "adequate mortgage cover, and increase the number of issuers of mortgage-backed securities.

To this end, the concept of a ransom Agency long-term (more than 5 years) issuance of mortgage securities from the funds received from AHML placement bonds, secured the support of the state. By the end of this year AHML plans to initiate the opening issuance of mortgage securities on the basis of the deployment which will be developed standards pulirovaniya and securitization of mortgage cover.

As the Grishuhin Dennis, head of AHML, the one-emission mortgage securities must be at least 2 - 3 billion rubles, because otherwise it would be uninteresting for the market. "Performance and conditions of the deployment will depend on the characteristics of the market and determined by whether it would be an opportunity to attract funds into the market long-term institutional investors, including mutual funds, retirement savings," - he added.

According Grishuhina, most banks wary of mortgage lending and in no hurry to go to this market. "The development of mortgage programs at their own expense can afford only a few large banks, the rest require additional borrowing in the financial market," - he explained.

According to Alexander Semenyaka, director AHML if the official forecasts for inflation fulfilled, the rate on mortgage loans by 2008 year could be reduced to 10% by 2010 - up to 8%. He noted that the concept of mortgage refinancing amount of state until the year 2010 should reach 296 billion rubles.

In the regions the average size of the mortgage loan is equal to 385 thousand rubles. For that money bought flat area at an average 25 square meters. meters. "Basically, with the help of a mortgage citizens meterage increase living space - said Mr. Semenyak. - Taking into account the low-income people, it will remain the dominant trend in the coming years."

Koloshenko Alexander, director of management services for natural persons Raiffeisenbank, believes that the creation in Russia market of mortgage securities has no preconditions. Among the reasons hindering the development of mortgages in Russia, he called the virtual absence of credit bureaus and gray, unconfirmed official accounting of income.

Because of the lack of legislation, high inflation and small amounts of support from the state mortgage securities market today is missing, but a deal to sell mortgage loans are non-recurring character. True, some laws have been adopted, but it lacks regulations governing the activities of banks. Nonetheless, certain portfolios of mortgage loans on the balance sheet of the banks have already formed.

According to Andrew Silk, director of the department of the Moscow bank lending, housing finance, market entry of banks with mortgage securities should be expected no earlier than the second semester because, apart from the law on mortgage securities, regulatory framework in this field is missing. According to Mr. Silk, the eventual emergence of the mortgage securities will affect the market - the banks will be able to attract "long" money, but it will happen, not likely this year.

According to the Russian Mortgage Bank, is currently on the mortgage market in the Moscow region, the interest rate - an average of 12.5% per annum in dollar term - 10 years and the average loan amount - $ 50 - 60 thousand. "The market mortgage loans, even in the Moscow region, almost no developed - argues Sergey Korepanov, chairman of the board of directors of Russian Mortgage Bank. - According to our estimates, the potential of the mortgage is not less than $ 20 billion but has a $ 7 - 8 billion annual sales of residential real estate market on the mortgage transaction accounted for no more than 5%. "

"Global reduce rates on loans will not happen, but smooth their demotion to be realistic," - says Andrew Silk.

According to Korepanova, the growth in mortgage lending in the current year compared to 2004 will be 80 - 100%, but the decline in rates is unlikely until becomes understandable and predictable economics of this business. "It will be possible when there is a market for efficient mortgages and other mortgage securities, and investors will understand the parameters on which it could sell or refinance their mortgage assets," - said Sergey Korepanov.

head of the bank implies that there will remain on the sidelines and Western investors. Parish long western money into the Russian mortgage he expected in the near future.

Accessibility mortgages Mr. Korepanov connects with the maximum simplification of procedures for debt collection and eviction of the debtor in case of default and the development of legislation in the regulation of production and treatment of mortgage-backed securities. "With the development of the secondary mortgage market has intensified, banks, and mortgages will become more accessible," - he said.

Oksana Kobzeva