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Russian government to prepare mortgage borrowers support program

January 28, 2015, 11:40 UTC+3 MOSCOW
Relevant departments and the governmental Housing Mortgage Lending Agency are to submit a package of measures providing social mortgage lending for certain categories of citizens on special conditions
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© TASS/Evgeniy Kurskov

MOSCOW, January 28. /TASS/. The Government of the Russian Federation will draft proposals in support of mortgage and restructured loans insurance by February 27. The statement was made today in the 2015 crisis response plan posted on the governmental website.

Relevant departments and the governmental Housing Mortgage Lending Agency are to submit a package of measures providing social mortgage lending for certain categories of citizens on special conditions. This will be done to maintain the demand within the Russian Family Housing program and help borrowers in a complicated financial situation, particularly on account of insurance for restructured mortgage loans.

The Russian government will index the non-contributory pension to the level of 2014 on February 1, and allocated $2.8 billion (188 billion rubles) for the task, according to the anti-crisis plan.

A new federal law will be adopted in order to implement these measures. The document appoints the Labor Ministry, Finance Ministry, Economic Development Ministry and FIU as the responsible executives of the plan.

Russian's Finance Ministry and Economic Development Ministry has until January 30 to prepare "bad debt" list and report back to the government. This is one of the priority measures written in the anti-crisis plan, published on the Ministers’ Cabinet website.

The task is aimed at improving the banking system stability, as well as the improvement of the real sector of the economy.

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