Mortgages come to Russia

Good article about the burgeoning mortgage market in Russia.

“While the learning curve has been steep, analysts say the post-World War II example of the US – where government-backed credits, loans, and mortgages for GIs transformed the American economy for decades – is a lesson for the Kremlin.

“It’s a huge effect [on] releasing spending power into the economy,” says Gaige of Ernst & Young. In the past, “the money people needed to buy a house would have been taken out of the economy … and their spending power would have been reduced” before and after the purchase by the effort to collect that money.”

Wish I could participate. The only thing worse is watching VIP go from 56 to 100 and not holding any shares…

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