Monday, May 3 2010 17:29
Armenian mortgage market participants to enter securities market
ArmInfo. Armenian mortgage market participants have resumed the activity aimed to enter the securities market, Eduard Oremyan, Executive Director of the Association of Armenian Mortgage Market Participants says in an interview with ArmInfo.
He says that in the pre-crisis period the market regulator and the participants took serious measures to issue mortgage backed-securities to raise long-term money, first of all, and to make the terms of the mortgage securitization more attractive. However, he says, the process was suspended because of the global financial crisis. Now the issue is again relevant and the mortgage market participants are thinking to resume the pre- crisis activity, Oremyan says.
He says that the National Mortgage Company refinances mortgage loans provided by 13 banks and 3 UCOs, the program "Affordable Housing for Young Families" refinances the mortgage loans by 8 banks and 3 UCOs and the German KfW bank refinances the loans by 8 banks and 2 UCOs. "Sooner or later the refinancing funds will be exhausted and there will be need for new resources not to face market stagnation," he says.
The Financial Analysis of the Agency of Rating Marketing Information (ArmInfo) says the mortgage portfolio of banks and credit organizations in Armenia totaled 96.2 billion drams as of April 1
2010. The quarterly growth and the annual growth made up 8.6% and 6.1% respectively. The role of the National Mortgage Company in the growth was significant.
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