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| Russia’s mortgage market is growing fast as demand for new housing takes off |
Vneshtorgbank opened the way for Russia’s banks to securitize their fledgling mortgage portfolios after it sold the first ever securitization of mortgages from the country at the beginning of July. The $88.3 million transaction, arranged by Barclays Capital and HSBC, is backed by dollar-denominated loans that VTB has made to customers in Moscow and St Petersburg. The mortgage pool consists of 1,696 mortgages, of which 89% originated in the Moscow area.
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