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Newly Founded Union Engages In Arranging Hypothecary Market

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  • Newly Founded Union Engages In Arranging Hypothecary Market

    NEWLY FOUNDED UNION ENGAGES IN ARRANGING HYPOTHECARY MARKET

    AZG Armenian Daily
    14/03/2006

    Union of Mortgage Market Participants is founded in Armenia. In
    this connection, the first sitting of founders took place today. The
    union includes 8 commercial banks, 2 universal credit organizations,
    4 insurance companies and 4 real estate companies.

    The union is aimed to create preconditions for effective functioning
    secondary market of mortgage credits, to elaborate strategy for the
    mortgage market's development, to improve regulation and to study
    the experience of developed mortgage markets.

    Tigran Sargsian, chairman of RA Central Bank, stated that the union
    will represent general interests of professional participants of
    the market and create equally acceptable rules for all of them. The
    primary market and the relevant infrastructures will be formed in
    2006. Sargsian said that donor sources will help increase mortgage
    credits in the primary market, while in 2007, they will implement
    the project of creating the second mortgage market. At present,
    mortgage credits are allocated for 10 years in maximum, while the
    minimal stake is 12% annually.

    Ashot Osipian, chairman of Armeconombank's Board, said that they will
    discuss the program on development of mortgage market at the first
    March 17 sitting of the union. It is decided that each sitting will
    be held by a new chairman.

    It's noteworthy that the Union includes Armeconombank, Armenian
    Development Bank, Unibank, Areximbank, Armswissbank, INECOBANK,
    Arminvestbank, Bank "Ararat," "Washington Capital" UCO, "First Mortgage
    Company" UCO, "SIL Insurance" "Private Insurance," "Nairi Insurance"
    and "Prime Insurance" companies, as well as "Alta VIP," "M & M,"
    "Prime Realty" and "Elephant Realty" agencies.
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