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re: Russian borrowers money woes include their home mortgages

Posted on 12/14/14 at 8:40 pm to
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37308 posts
Posted on 12/14/14 at 8:40 pm to
Is a 10 percent mortgage rate normal over there?

I'm sure soon we will hear stories about how these borrowers didn't understand what they were signing, etc.
Posted by boosiebadazz
Member since Feb 2008
80548 posts
Posted on 12/14/14 at 8:43 pm to
I'd imagine that 10% rate reflects the risk the buyer will default and the risk the transactional currency will devalue. Based on the percentages posted, it seems the ruble devaluing is just as risky as the individual buyer defaulting.

Speaking to your other post, that is another interesting variable that we Americans don't have to take into account when obtaining credit.
This post was edited on 12/14/14 at 8:45 pm
Posted by LSURussian
Member since Feb 2005
127260 posts
Posted on 12/14/14 at 9:02 pm to
quote:

Is a 10 percent mortgage rate normal over there? .

Not any more. The Central Bank of Russia just last week raised its overnight rate to charge banks to 10.5% annualized on ruble loans.

I'd be surprised if any bank is making any loan longer than 90 days right now.
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