American Mortgage Crisis Doesn’t Threaten Armenia

AMERICAN MORTGAGE CRISIS DOESN’T THREATEN ARMENIA

Economic News
January 10, 2008 Thursday

Yerevan. ">OREANDA-NEWS . January 10, 2008. According to Vardan Atayan,
Chairman of Executive Board of Unibank, mortgage crisis of the USA does
not threaten Armenian mortgage market. First of all, Armenian banks
arent integrated into the international financial market. Secondly,
the volume of mortgage credits in Armenia is very small. If in the
USA volume of mortgage credits is near 60-70% of GDP, in Armenia
credit portfolio of banks doesnt exceed 20%.

Mortgage market in Armenia continues to grow, and banks need more
monetary funds – financing of the international organizations is not
enough. For that sake, it is necessary to develop a secondary mortgage
market in Armenia.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS