Date: 6 months ago   Category: Finance

The ARB has criticized the bill of restructuring of mortgage loans — Rambler News Service


Photo: PhotoXPress.ru the Association of Russian Banks doesn't support the offers formulated in the bill of restructuring of mortgage loans, the press service of ARB has reported. "The Association of Russian Banks, having discussed with banks — members of ARB the draft federal law "About Introduction of Amendments to the Federal Law "About a Consumer Loan (Loan)" (regarding Granting to the Borrower the Right for Change of the Schedule of Payments), Considers that Restructuring of Mortgage Loans on Terms Offered by the Bill, Will Have Negative Consequences both for Borrower Citizens, and for Banking Business" submitted by the Bank of Russia for consideration — it is said in the statement. In particular, according to ARB, the rigid criteria of a format of restructuring of mortgage loans offered by the bill will lead to essential increase in cost of the credits for borrowers. Need of carrying out additional individual assessment of solvency of borrowers will also entail rise in price of a mortgage. Besides, the restrictions on the term of a grace period and the amount of the payments paid both during the grace period offered by the bill and after his termination, significantly narrow options of settlement of arrears. It is explained that it, for example, won't give to borrowers at their desire and the consent of banks to establish shorter grace periods that it can be very demanded by borrowers. Also it is noted that this bill will negatively affect the market of securitization of mortgage loans. Banks have called into question profitability of restructuring of mortgage loans on the conditions provided by the bill. "Besides remarks of conceptual character the bank community concerning edition of the bill has a large number of questions without the permission of which execution of the norms offered by the bill will become extremely difficult" — the association notes. Earlier in November the Central Bank of the Russian Federation reported that the advisory council on consumer protection of financial services at the Bank of Russia has taken the initiative legislatively to affirm the right for restructuring of a mortgage loan of the borrower who has appeared in a difficult life situation. It was noted that the head of service on consumer protection and ensuring availability of financial services of the Bank of Russia Mikhail of Mamut has supported the initiative of advisory council.

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