Issues of Mortgage Support

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Collective of Authors: Expert Council of Governmental Commission on Sustainable Development of the Russian Economy

Ekonomicheskaya Politika / Economic Policy, 2009, vol. 2, 96-101

Abstract: The financial crisis has a negative impact on the ability of borrowers to make monthly payments to repay previously received long-term mortgage loans for the purchase of property by virtue of one of the following reasons: 1) the dismissal of (significant reductions occurred in late 2008, unemployment is expected to peak by the middle of 2009 - up to 14% of the economically active population of the country, at the moment - about 11%, or 8 million people, according to the experts). 2) reduction of income by 30-40% (many companies have reduced salaries, switched to part-time employees sent on unpaid leave); 3) increase in monthly payments for foreign currency loans due to devaluation rubles (AHML estimates, debt and monthly payments have increased by 50% since the beginning of the year); 4) the growth of payments on ruble loans with a floating rate tied to MOSPRIME (AHML estimates, the monthly payments rose by 200% over the last 6 months).

Keywords: mortgage; support; crisis (search for similar items in EconPapers)
Date: 2009
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