In Russia, the first borrower appeared whom the state helped pay the mortgage, taking on 50 percent of the payments after he was laid off. This unemployed Saratov resident will receive the benefit until the end of 2009. The case became part of AIZhK pilot program to restructure troubled mortgage loans. Similar measures have already been tested in Veliky Novgorod, Samara and Saratov. The agency expects in 2009 to buy mortgage loans from banks for 29.56 billion rubles, focusing mainly on the Volga and Siberian federal districts.
The first Russian has appeared whose mortgage loan repayment will be shared by the state. He is an unemployed resident of Saratov. The borrower had been steadily paying 16,000 rubles a month, when suddenly he shared the fate of many of his compatriots and was laid off. The loan proved too much for him, and the state took on 50% of its amount. This benefit will last until the end of 2009.Fortune smiled on the Saratov resident not by chance: the Agency for Housing Mortgage Lending (AHML) carried out three “pilot” restructurings of troubled mortgage loans in Veliky Novgorod, Samara, and Saratov. All three borrowers had their payment schedules changed and were provided with stabilization loans that will allow them to repay the banks over the course of a year.
The general director of OJSC “Mortgage Corporation of the Saratov Region,” Denis Filippov, commented on this event: “This fact is evidence that the state program for restructuring mortgage housing loans has really started to work. It is aimed at supporting those who, for objective reasons, are having difficulty repaying a mortgage housing loan.”
AHML is a state agency designed to stimulate the development of mortgages in Russia. In 2009, AHML intends to buy mortgage loans from banks worth 29.56 billion rubles, with the largest amount of funds planned to be spent in the Volga Federal District (20.34% of the total planned volume).
Siberians who are unemployed have reason to hope, since the Siberian Federal District will be second in terms of investments directed toward mortgage refinancing (19.96% ).