Russia’s SOBINBANK and its subsidiary RUSSIAN MORTGAGE BANK (RIB) launched a mortgage refinancing program for regional partners. Many market operators, including the Housing Mortgage Agency (AIZhK) and the DELTACREDIT bank, use the same scheme. SOBINBANK is convinced that the market, which quadrupled in 2006, has more to offer. A mortgage pool for up to $500 million is targeted this year. Mortgages are on offer to agents for a period of up to 25 years at a 9.75% dollar-denominated and 10.75% rouble-denominated interest rate and up. Agents are also to get monthly an annual 1.0% of the mortgagor’s balance on the main debt. RIB and SOBINBANK will act as the underwriters to control the mortgage portfolio quality.
Source: VEDOMOSTI.RU, August 28, 2007
