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The Emerging Mortgage Market in Russia: An Overview with Local and Foreign Perspectives Table of Contents Preface.................................................................................................................................. i List of Figures.................................................................................................................... iv List of Tables......................................................................................................................iv Introduction......................................................................................................................... v 1 The housing market and the housing financing system in Russia............................... 1 1.1 Housing before and during the post-socialist transition......................................... 1 1.2 The development of the banking sector in Russia.................................................. 6 2 The development of the mortgage market in Russia.....................................................9 2.1 The history and current state of Russian mortgage market.................................... 9 2.2 Russian mortgage market development in international comparison...................11 2.3 Regional differences of the Russian mortgage market.........................................16 3 The legal framework for the mortgage market........................................................... 21 3.1 Mortgage legislation............................................................................................. 21 3.2 The practitioners' views on mortgage legislation................................................. 26 4 Actors and actions on the mortgage market................................................................ 28 4.1 Banks, mortgage agencies and brokers.................................................................28 4.1.1 Banks............................................................................................................28 4.1.2 Mortgage agencies....................................................................................... 35 4.1.3 Mortgage brokers/real estate agencies.........................................................37 4.1.4 Non-banking organizations.......................................................................... 38 4.2 Financial instruments for mortgage programs......................................................39 4.2.1 Mortgage securitization................................................................................40 4.2.2 Refinancing.................................................................................................. 44 4.2.3 Mortgage mutual funds (PIF).......................................................................45 5 The types of mortgage products in Russia................................................................... 48 5.1 The terms of mortgage loans................................................................................ 52 5.2 The mortgage loan defaults...................................................................................58 5.3 Mortgage insurance.............................................................................................. 60 6 Foreign banks' activities in Russia............................................................................... 64 6.1 Nordic Banks in Russia........................................................................................ 67 6.2 Opinions of the Nordic Banks about the Russian mortgage market....................70 6.3 Competitive advantages and entry modes............................................................74 6.4 Future perspectives...............................................................................................80 7 Conclusions..................................................................................................................... 82 Epilogue............................................................................................................................. 91 Literature...........................................................................................................................93 Appendix............................................................................................................................ 96