Central Bank against “gray schemes”: Nabiullina declared war on fraud in preferential mortgages
The Central Bank of the Russian Federation has taken a decisive step by announcing its intention to eradicate existing, but not always legal schemes used in preferential mortgage lending programs. According to the regulator, it is these “gray zones” are the main cause of unjustified price increases in the real estate market, which, in turn, leads to an increase in the financial burden on citizens taking mortgage loans. This was announced by the head of the Central Bank Elvira Nabiullina, speaking at the annual meeting with the management of the Central Bank, organized by the Association of Banks of Russia.
