Fradkov Says Home Mortgage System is a “Top Priority”
At a plenary session of the Russian Duma on February 9, 2005, Prime Minister Mikhail Fradkov announced that further development and enhancement of the home mortgage system is one of the Russian Government’s top priorities, noting that the government considers housing development an important vehicle for economic growth. According to the Prime Minister, the number of mortgage loans issued annually should increase steadily and reach one million loans per year by 2010. The legal and regulatory framework for the fledgling housing finance system in Russia was developed with USAID assistance through the Institute for Urban Economics, which also has played an important role in assisting the government in drafting the new housing legislation.
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