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re: Russian borrowers money woes include their home mortgages
Posted on 12/14/14 at 8:40 pm to LSURussian
Posted on 12/14/14 at 8:40 pm to LSURussian
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.
I'm sure soon we will hear stories about how these borrowers didn't understand what they were signing, etc.
Posted on 12/14/14 at 8:43 pm to LSUFanHouston
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.
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 on 12/14/14 at 9:02 pm to LSUFanHouston
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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