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Official on mortgage lending in Russia
RBC, 15.06.2005, Moscow 14:03:29.The number mortgage credits is planned to be increased to 1m by 2010, regional development minister Vladimir Yakovlev has told a press conference in Moscow. He reiterated that some 46,000 mortgage credits were allocated in 2004. Yakovlev believes that in order to develop mortgage lending in Russia, it is necessary to adopt a range of documents that would protect the rights of creditors and borrowers. In addition, according to the minister, an extremely large initial installment and short credit maturity are impeding mortgage-lending development.
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