Разговор с В.Путиным.Прямой эфир.04.12.08.Part 11

I would like to tell you that banks have been refusing to issue mortgage loans lately under various pretexts. Some set prohibitive rates, and it becomes virtually impossible, or at least not easy, to take out a loan. Some banks insist that customers clear any outstanding loans first. Will the Government do something about this? What are we to do? Thank you. VLADIMIR PUTIN: The rates are rising, I admit. It is an effect of the global financial crisis, its repercussions for the Russian economy. It is also happening because the Central Bank is compelled to raise its refinance rate in order to prevent further outflow of capital from the country. I won't go deep into economic theory here, there have been a lot of proposals on how to mitigate the negative effects on consumers, how to encourage consumer demand and also housing construction. As for the banks' demands of early clearance of mortgage loans, it is basically a civil law issue. If your loan agreement contains a recapture clause stating that, if the collateral value drops, the bank has the right to require additional collateral amount, then the bank's demand is formally legitimate. Usually banks ask their clients to repay part of the principal loan. However, banks really shouldn't be doing this, because they end up with the same problem as their borrowers: property as collateral. The bank won't be able to liquidate an apartment easily now. This is a separate issue we have already discussed. Here is what we could do. I think the Government could issue state guarantees to banks through the Agency for Housing Mortgage Lending.

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Daily Motion | March 22, 2009

Tags:. .recapture. .clearance. .clause. .compelled. .refinance