Mortgage left without funding!

Over half of the program of mortgage refinancing has been depleted the entire ceiling limit, the selected state. Funds for the program refinancing mortgage loan have been exhausted, and will soon accept applications from commercial banks will be suspended, according to Kommersant. The fact that the commercial banks have already received applications for 130.5 billion rubles. And soon expected to receive bids for a further 19.5 billion rubles. from regional banks through the Association of mortgage companies. But the maximum limit of the program should not exceed 150 billion rubles. So now we can say that soon Vnesheconombank (VEB is implementing the project) will stop accepting applications. Recall that the program is to restore the mortgage market was adopted in March of this year. She was supposed to stimulate housing construction and increased demand for mortgages. Public funds allocated to the program amounted to 150 billion rubles., And, before the start of the program bankers were confident that the funds are exhausted only to 2012, but in their forecasts, they were mistaken, and despite all the "strict limitations on loan terms (minimum Down payment - 20%, the rate of registration of mortgage - 11% per annum, the maximum loan size - 8 million rubles. for Moscow and St. Petersburg, 3 million rubles. - for the regions), the program has run its course just because of some half a year. However, as the source, an analyst at the Metropole, Mark Rubinstein, the effectiveness of fixing the program will need additional investments: In order for the program develops, it is necessary for at least another 150 billion rubles. Undoubtedly, the budget deficit allocation of such funds may be problematic. However, given the importance that government attaches to the development of mortgage and construction, this money can be allocated.