VEB okays AHML, 8 banks to buy up over 130 bln rubles in mortgage-backed bonds
MOSCOW. July 22 (Interfax) - Vnesheconombank (VEB) has approved applications from eight banks and the Agency for Home Mortgage Lending (AHML) to be involved in a program for stimulating the construction of affordable housing and mortgages, the deputy director of VEB Capital's department for investments and financial consultations, Ilya Belyayev, told reporters.
Under the program, VEB will be buying up mortgage-backed bank bonds secured by credits for the purchase of the newly constructed housing. The banks' applications combine to over 130 billion rubles. The last to be approved was a 30 billion-ruble bid from Sberbank of Russia .
Gazprombank had put in an application to buy bonds totaling 30 billion rubles, the bank Uralsib - 20 billion rubles, Xhanty-Mansiisk Bank - 7 billion rubles, Investtorgbank - 6 billion rubles, the commercial bank Vostochny - 6 billion rubles, VTB 24 - 5 billion rubles, and Home Financing Bank - 2.5 billion rubles.
The AHML applied to buy bonds under state guarantee totaling 25 billion rubles.
The VEB supervisory board approved this past March a mechanism for refinancing mortgage loans by means of investing funds from accrued work pensions and VEB's own funds in mortgage-backed bonds. A total of 250 billion rubles is planned for investment under the program.
The banks will be able to form a pool of mortgage loans under the program in the period 2010-2011 and to effect the securitization of credit portfolios before the end of 2011.