Russian Practice of State Support and Financial Technologies for Restructuring Mortgage Loans
Russian Practice of State Support and Financial Technologies for Restructuring Mortgage Loans
Author(s): Aleksander Andreevich Tsyganov, A.D. Yazykov, Yu.V. GRYZENKOVASubject(s): Economy, Business Economy / Management, Financial Markets, Accounting - Business Administration
Published by: Reprograph
Keywords: mortgage; restructuring schemes; bank; borrower; risk management; loans;
Summary/Abstract: At the end of the year 2008, Russia was exposed to consequences of the global economic crisis. Having assessed the consequences of mass defaults in the USA, the government of Russia assigned the government-owned Agency for Housing Mortgage Lending (AHML) to implement a package of measures designed to provide social protection for its citizens. Systemic research into the way the anti-crisis mortgage rescue scheme designed to support borrowers was implemented between 2008 and 2011 enabled us to work out a series of recommendations for organizing and implementing further mortgage rescue schemes designed to support borrowers in dire financial straits. In 2015 a new state program was formed, based on the experience of 2008-2011.
Journal: Journal of Applied Economic Sciences (JAES)
- Issue Year: XIII/2018
- Issue No: 60
- Page Range: 1521-1527
- Page Count: 7
- Language: English