28 July 2003 03:00
GM subsidiary considering part in Russian mortgage loans sector
MOSCOW. July 28 (Interfax) - GMAC RFC, a subsidiary of U.S. General Motors, is considering playing a role in
Russia's mortgage loan system, GMAC RFC Vice President Chris Nordeen told journalists in Moscow on Monday.
Nordeen said that his company is interested in Russia but lacks any actual practical experience with economies such
as Russia's.
He underscored the need to study how the Russian system functions and assess all conditions.
At the same time, Nordeen decline to specify the planned size for loans in Russia, adding that as a rule, the company
works with local partners who make their own contributions.
He said that traditionally, local partners bear some part of the risks.
GMAC RFC was established in 1982. In 2002, the company issued mortgage securities worth over $31.2 billion, bringing
the overall value of mortgage securities issued since its creation to $232 billion. Apart from the United States, GMAC
RFC extends mortgage loans in Great Britain, Germany, the Netherlands, France, Spain, Sweden, Italy, Canada and
Mexico.
Gosstroi, Russia's main construction agency, told Interfax that its head Nikolai Koshman and the CEO of the U.S.
AIG insurer will sign an agreement in Moscow on Tuesday.
According to the document's draft, AIG will "consult and assist Gosstroi in establishing a system of
guarantees for mortgage loans." [RU EUROPE EEU EMRG US LOA] tm mg <>
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