AHML to offer banks program for buying out bonds secured by secondary market mortgages
MOSCOW. July 22 (Interfax) - Russia's Agency for Home Mortgage Lending (AHML) could in August agree on the terms of program for banks to buy out bonds secured by a pool of home loans, which were allocated for buying housing on the secondary market, Natalya Koltsova, the executive director for AHML's operations, told journalists.
"AHML wants to propose a program similar to Vnesheconombank's," Koltsova said, adding that AHML that this program, unlike VEB's, will support the secondary housing market and not the new home market.
"This program could appear by the end of August," she said.
The agency could buy back 17 billion-18 billion rubles in the framework of this program. Koltsova said that the AHML could use market source such as its own bonds for financing this program.
The program's implementation could give banks an option for receiving interim financing during securitization preparation, so-called warehouse financing.
The rate guidance on these loans is still under discussion. The maximum rate on home loans, which will be securitized through VEB's program, comes to 11%.