The Housing Mortgage Finance Agency (HMFA) has prepared new capital issues for the Russian market — non-tranche mortgage bonds.
The Deputy Minister of Finance of the RF, Alexei Moiseev, has told journalists about this in Moscow. According to him, this measure will take into account the global post-crisis experience of mortgage loans. It was tranche paper which led to the global crisis which almost brought down the world economy.
The HMFA will become a pioneer of non-tranche paper holdings in Russia, but to make this mechanism attractive to banks it is necessary to get a risk-assessed normative standard for it.
To remind you, the launch of a new financial tool was adopted by the Council on the HMFA strategy on January 28th. The terms of paper holding issues have not been determined yet. The Ministry of Finance, together with the HMFA, are still to solve a number of problems.