Russia bank analyzed the Russian market for mortgage lending in the first half of 2009, noting a serious worsening in the situation with the mortgage underwriting in the Russian banks. According to CB, the number of banks, regularly issuing the 'ruble mortgage dropped to 100 players, the currency - up to 11. At the same time for six months they have issued loans upto 55 billion rubles., Which corresponds to four years ago.
Review of the status of the mortgage market in the first half of 2009 was published last week in the new issue of the Bulletin of the Bank of Russia. It is based on data from a new form of reporting on mortgage loans by the Central Bank has put in place from 1 January 2009. According to the review of the Central Bank on 1 July 2009 the number of participants of the primary market of mortgage loans decreased from the beginning of the year at 5.5% - to 568 banks. But only 279 banks in the first half provided the mortgage, the rest simply served previously issued loans. Indeed active players have been even less. As the Central Bank, "regularly gave out" mortgages in rubles about 100 banks in foreign currency - 11.
Bankers believe that statistic overly optimistic. "The real issue 10-15 mortgage banks, - said deputy president of the City Mortgage Bank Igor Zhigunov .- Statistics of the Central Bank is distorted due to the stabilization of restructured loans and loans that are issued by mortgage borrowers who find themselves in a difficult situation." Many banks issue credit for one or two a month, so you should not look at the number of players, and the volume, notes deputy director of Alliance and retail banking at Alfa Bank Ilya Zebari.
Indeed, over the same period in 2008 the amount available in the first half of 2009 residential mortgage loans decreased by 6.1 times, in fact returning to the same period in 2006, said the Central Bank. According to the regulator, for the first half the banks were given 44,045 mortgage loans totaling $ 55.4 billion rubles. According to bankers, the real extent of the reduction of the market is higher.
Bank notes that "the main reason for reducing the volume of mortgage lending was a rise in the cost of credit resources, increasing the risks of investing in fixed assets while reducing the possibility of refinancing previously issued loans. The volume of refinanced mortgages by banks for home loans fell in 2008 to 14,6%, to 99 billion rubles. And the beginning of 2009 have almost tripled - to 33.4 billion rubles. The structure of the refinancing has changed significantly. If in 2008, banks sold to other banks 40% of all refinanced loans, then in 2009 - only 29,7%. The share of refinancing through the Agency for Housing Mortgage Lending, which is the main channel for mortgage refinancing, rose from 22,6% to 47,9%.
The market confirmed the trend of concentration in mortgage refinancing AHML, but more categorical in their assessment than the regulator. "AHML - the only source of refinancing," - said Mr Zebari. Alfa-Bank, before the crisis was beginning to refinance alien mortgage, now he wants and expects to sell its entire portfolio AHML. VTB 24 continues to securitize their mortgage portfolios. This is not market transactions. "The demand for mortgage bonds is not, therefore, these portfolios have a hold on their balance sheets, or use them as collateral for Bank loans", - states Mr. printers.
Review of the status of the mortgage market in the first half of 2009 was published last week in the new issue of the Bulletin of the Bank of Russia. It is based on data from a new form of reporting on mortgage loans by the Central Bank has put in place from 1 January 2009. According to the review of the Central Bank on 1 July 2009 the number of participants of the primary market of mortgage loans decreased from the beginning of the year at 5.5% - to 568 banks. But only 279 banks in the first half provided the mortgage, the rest simply served previously issued loans. Indeed active players have been even less. As the Central Bank, "regularly gave out" mortgages in rubles about 100 banks in foreign currency - 11.
Bankers believe that statistic overly optimistic. "The real issue 10-15 mortgage banks, - said deputy president of the City Mortgage Bank Igor Zhigunov .- Statistics of the Central Bank is distorted due to the stabilization of restructured loans and loans that are issued by mortgage borrowers who find themselves in a difficult situation." Many banks issue credit for one or two a month, so you should not look at the number of players, and the volume, notes deputy director of Alliance and retail banking at Alfa Bank Ilya Zebari.
Indeed, over the same period in 2008 the amount available in the first half of 2009 residential mortgage loans decreased by 6.1 times, in fact returning to the same period in 2006, said the Central Bank. According to the regulator, for the first half the banks were given 44,045 mortgage loans totaling $ 55.4 billion rubles. According to bankers, the real extent of the reduction of the market is higher.
Bank notes that "the main reason for reducing the volume of mortgage lending was a rise in the cost of credit resources, increasing the risks of investing in fixed assets while reducing the possibility of refinancing previously issued loans. The volume of refinanced mortgages by banks for home loans fell in 2008 to 14,6%, to 99 billion rubles. And the beginning of 2009 have almost tripled - to 33.4 billion rubles. The structure of the refinancing has changed significantly. If in 2008, banks sold to other banks 40% of all refinanced loans, then in 2009 - only 29,7%. The share of refinancing through the Agency for Housing Mortgage Lending, which is the main channel for mortgage refinancing, rose from 22,6% to 47,9%.
The market confirmed the trend of concentration in mortgage refinancing AHML, but more categorical in their assessment than the regulator. "AHML - the only source of refinancing," - said Mr Zebari. Alfa-Bank, before the crisis was beginning to refinance alien mortgage, now he wants and expects to sell its entire portfolio AHML. VTB 24 continues to securitize their mortgage portfolios. This is not market transactions. "The demand for mortgage bonds is not, therefore, these portfolios have a hold on their balance sheets, or use them as collateral for Bank loans", - states Mr. printers.
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