Vladimir Putin is taking a page from the U.S. housing market to boost home ownership. Call it Russia’s Fannie Mae.
The government last year set up a so-called mortgage factory to help lenders bundle home loans with state backing in a one-stop shop. On Wednesday Sberbank PJSC signed a 50 billion-ruble ($890 million) deal using the new mechanism, marking the country’s biggest-ever issue of mortgage-backed securities.
