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re: Russian borrowers money woes include their home mortgages
Posted on 12/13/14 at 11:34 pm to LSURussian
Posted on 12/13/14 at 11:34 pm to LSURussian
quote:
The reason they borrowed the foreign currency was the interest rate on foreign currency loans was MUCH less than if they had borrowed rubles, something like 5% annual interest versus 10% for rubles.
I didn't realize that this was an accepted way of financing. An ARM is looking mighty good compared to this arrangement.
2
Posted on 12/14/14 at 3:43 am to Layabout
quote:
I didn't realize that this was an accepted way of financing.
I'm actually curious how foreign banks can foreclose on a delinquent loan. Will Russian law allow for this?
Posted on 12/14/14 at 9:19 am to Layabout
quote:That's because most typical Americans only think in terms of U.S. dollars. Countries with developing economies have to use a variety of currencies.
I didn't realize that this was an accepted way of financing.
When I was working in Moscow, I'd see Russians get their pay in rubles and as soon as they got paid, they would rush out to the closest currency exchange kiosk on the street and sell their rubles for dollars. Dollars were king.
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