The law establishes the possibility of registering programmes of the bonds and eliminates the necessity of obtaining the consent of the representative of bondholders for the replacement included in the mortgage collateral requirements.
MOSCOW, 30 Dec. The President of Russia Vladimir Putin has signed a law aimed at reducing the time and cost of preparation for the securitization of mortgage loans and an increase in the number of such transactions.
To shorten and simplify the procedure for the issuance of housing bonds with mortgage coverage the law establishes for them the possibility of registration of bonds rather than individual bond issues.
The law also eliminates the necessity of obtaining the consent of the representative of bondholders for the replacement included in the mortgage coverage of requirements in the cases expressly provided for in the decision on the bond issue.
It is envisaged that a decision to issue residential mortgage-backed securities may consist of the first part, containing the rights of the owners of the bonds and other terms for bonds, and the second part containing the specific conditions of their release.