Banks should not issue mortgages to Russians at a floating rate. This opinion was expressed by the co-owner of one of the Russian banks. By July 15, 2021, the Bank of Russia, together with the government, must develop restrictive measures.
Co-owner and first deputy chairman of Sovcombank, Sergei Khotimsky, said in an interview with RBC that his credit institution does not support the idea of expanding the mortgage offer at floating rates. In no case should this product be in the product line, the banker pointed out.
In his opinion, there should be three taboos for banks for working in a mortgage. These are foreign exchange mortgages, floating rates, and rising payment schedules. He will remind that the last two points “played a colossal negative role” in the intensification of the mortgage crisis in the United States in 2008.
According to Kholmsky, rates may rise with an increase in defaults. “When defaults grow, there are more apartments on the market, their prices fall, and this increases the losses of banks even more,” the expert concluded.