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Putin pins housing hopes on mortgage factory

Russia is seeking to attract buyers to its 4.5 trillion ruble mortgage market to drive down borrowing costs and increase competition

Published Wed, Apr 19, 2017 · 09:50 PM
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Moscow

VLADIMIR Putin is taking a page from the US housing market to boost home ownership. Call it Russia's Fannie Mae.

The government last year set up a so-called mortgage factory to help lenders bundle home loans with state backing in a one-stop shop.

On Wednesday Sberbank PJSC signed a 50 billion-ruble (S$1.24 billion) deal using the new mechanism, marking the country's biggest-ever issue of mortgage-backed securities.

"We are testing the waters," A…

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