Four steps to "swing" Russia's mortgage

Banks Finansy10-06-2008 Four steps to "swing" Russia's mortgage Officials do not leave hopes to shake mortgage lending in Russia. Mortgage is simply obliged to be a major and massive way to buy housing, but we have their volumes are insignificant. And amid the global credit crisis, the Russian mortgage curled like shagreen leather. Ministry of Economic Development offers new perspectives for the Russian banks in mortgage lending. The other day MEDT introduced a new concept of the development of the mortgage market, which some observers were quick to call "the mortgage revolution." Mortgage scenario MERT should become more profitable and safer for all its members - to the purchaser of housing bank and the state. First, the concept offers borrowers to insure their liability to creditors in case of loan default. We recall today the banks usually require three types of insurance at the conclusion of the mortgage contract: title insurance (ie insurance in case the ownership of the apartment will be challenged, as often happens in Russia), life and health insurance of the borrower, insurance against damage to property.