No what shows a lot about you is that you jump in without knowing all that has transpired on this thread and it is ok for you to label me negative but not for anyone to label you in any shape or form. Did you ever read post #1????????????????????????? And you without knowing any better think it is ok to say I want this country to fail. Get real dude. Stay in the shallow end of the pool and don't let go of that life jacket. LOL
No what shows a lot about you is that you jump in without knowing all that has transpired on this thread and it is ok for you to label me negative but not for anyone to label you in any shape or form. Did you ever read post #1????????????????????????? And you without knowing any better think it is ok to say I want this country to fail. Get real dude. Stay in the shallow end of the pool and don't let go of that life jacket. LOL
oh dear.....
http://www.businessinsider.com/afp-dollar-mortgage-holders-urge-russia-to-end-financial-slavery-2014-12?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29
Tens Of Thousands Of Russians Have Loans That Are Now Contracts Of 'Financial Slavery'
Moscow (AFP) - When Olga Savelyeva took out a $226,000 mortgage to buy a small apartment on the outskirts of Moscow in 2008, she could never have imagined that the ruble would lose more than half its value in a few short years.
But Savelyeva's $2,090 monthly instalments have skyrocketed in ruble terms due to the Russian currency's dive against the dollar. The resulting jump in monthly payments from 49,000 to 115,000 rubles now devours most of her family's income.
The 30-year-old mother of a young daughter and her husband have tried to honour their repayment commitments but despite their best efforts, December's instalment was $400 short.
"We're left with 3,000 rubles ($56) this month," Savelyeva told AFP.
"We won't be able to make the January payment in full... "We also have other obligations," she added, referring to her retired mother and cancer-stricken father.
Savelyeva is one of tens of thousands of Russians who took on lower-interest foreign currency-denominated mortgages in the years before the financial crisis and now struggle with repayments as the ruble's value shrinks.
Critics say the government is deliberately downplaying the scope of the problem and claim some 100,000 to 150,000 people are likely affected.
Hundreds of Russia's hard-currency mortgage holders have created a social media group, attracting members from Yekaterinburg in the Urals to the exclave of Kaliningrad on the Baltic Sea.
In a letter to central bank chief Elvira Nabiullina, the group threatened a "powerful social explosion" if assistance isn't provided.
Even before the crisis, interest rates of 10 to 12 percent on foreign currency loans -- and 12 to 14 percent on ruble-denominated mortgages -- mean many Russians will wind up paying double to triple the principal borrowed on 15- to 20-year loans.
The group of foreign currency mortgage holders says Russia's financial crisis, exacerbated by falling oil prices and Western sanctions over Ukraine, has transformed their loans into "financial slavery".
To make matters worse, interest rates are expected to rise further still in the wake of the central bank's decision this month to hike its key rate to 17 from 10.5 percent to prop up the ruble.
Economist Yevgeny Gontmakher said the collapse of the ruble was a huge blow to Russia's middle class, which includes many holders of foreign-currency loans.
"It's a catastrophe for them," said Gontmakher, deputy director of the Institute of World Economy and International Relations of the Russian Academy of Sciences.
The government, he added, would likely pass the buck by putting pressure on the banks, which are already struggling with a liquidity squeeze.
OUCH
and lastly, from the article:
"Why have ordinary borrowers been left alone with their misfortune?" asked members of the social media group in their letter to the central bank.
umm, i'll take a shot at that. Take personal responsibility for your financial actions (YOU took a mortgage that had currency exposure). And sadly its crystal clear your leader is an INCOMPETENT clown.....is Putin's approval rating still over 80% ?
http://www.businessinsider.com/afp-dollar-mortgage-holders-urge-russia-to-end-financial-slavery-2014-12?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29
Tens Of Thousands Of Russians Have Loans That Are Now Contracts Of 'Financial Slavery'
Moscow (AFP) - When Olga Savelyeva took out a $226,000 mortgage to buy a small apartment on the outskirts of Moscow in 2008, she could never have imagined that the ruble would lose more than half its value in a few short years.
But Savelyeva's $2,090 monthly instalments have skyrocketed in ruble terms due to the Russian currency's dive against the dollar. The resulting jump in monthly payments from 49,000 to 115,000 rubles now devours most of her family's income.
The 30-year-old mother of a young daughter and her husband have tried to honour their repayment commitments but despite their best efforts, December's instalment was $400 short.
"We're left with 3,000 rubles ($56) this month," Savelyeva told AFP.
"We won't be able to make the January payment in full... "We also have other obligations," she added, referring to her retired mother and cancer-stricken father.
Savelyeva is one of tens of thousands of Russians who took on lower-interest foreign currency-denominated mortgages in the years before the financial crisis and now struggle with repayments as the ruble's value shrinks.
Critics say the government is deliberately downplaying the scope of the problem and claim some 100,000 to 150,000 people are likely affected.
Hundreds of Russia's hard-currency mortgage holders have created a social media group, attracting members from Yekaterinburg in the Urals to the exclave of Kaliningrad on the Baltic Sea.
In a letter to central bank chief Elvira Nabiullina, the group threatened a "powerful social explosion" if assistance isn't provided.
Even before the crisis, interest rates of 10 to 12 percent on foreign currency loans -- and 12 to 14 percent on ruble-denominated mortgages -- mean many Russians will wind up paying double to triple the principal borrowed on 15- to 20-year loans.
The group of foreign currency mortgage holders says Russia's financial crisis, exacerbated by falling oil prices and Western sanctions over Ukraine, has transformed their loans into "financial slavery".
To make matters worse, interest rates are expected to rise further still in the wake of the central bank's decision this month to hike its key rate to 17 from 10.5 percent to prop up the ruble.
Economist Yevgeny Gontmakher said the collapse of the ruble was a huge blow to Russia's middle class, which includes many holders of foreign-currency loans.
"It's a catastrophe for them," said Gontmakher, deputy director of the Institute of World Economy and International Relations of the Russian Academy of Sciences.
The government, he added, would likely pass the buck by putting pressure on the banks, which are already struggling with a liquidity squeeze.
OUCH
and lastly, from the article:
"Why have ordinary borrowers been left alone with their misfortune?" asked members of the social media group in their letter to the central bank.
umm, i'll take a shot at that. Take personal responsibility for your financial actions (YOU took a mortgage that had currency exposure). And sadly its crystal clear your leader is an INCOMPETENT clown.....is Putin's approval rating still over 80% ?
oh dear.....
http://www.businessinsider.com/afp-dollar-mortgage-holders-urge-russia-to-end-financial-slavery-2014-12?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29
Tens Of Thousands Of Russians Have Loans That Are Now Contracts Of 'Financial Slavery'
Moscow (AFP) - When Olga Savelyeva took out a $226,000 mortgage to buy a small apartment on the outskirts of Moscow in 2008, she could never have imagined that the ruble would lose more than half its value in a few short years.
But Savelyeva's $2,090 monthly instalments have skyrocketed in ruble terms due to the Russian currency's dive against the dollar. The resulting jump in monthly payments from 49,000 to 115,000 rubles now devours most of her family's income.
The 30-year-old mother of a young daughter and her husband have tried to honour their repayment commitments but despite their best efforts, December's instalment was $400 short.
"We're left with 3,000 rubles ($56) this month," Savelyeva told AFP.
"We won't be able to make the January payment in full... "We also have other obligations," she added, referring to her retired mother and cancer-stricken father.
Savelyeva is one of tens of thousands of Russians who took on lower-interest foreign currency-denominated mortgages in the years before the financial crisis and now struggle with repayments as the ruble's value shrinks.
Critics say the government is deliberately downplaying the scope of the problem and claim some 100,000 to 150,000 people are likely affected.
Hundreds of Russia's hard-currency mortgage holders have created a social media group, attracting members from Yekaterinburg in the Urals to the exclave of Kaliningrad on the Baltic Sea.
In a letter to central bank chief Elvira Nabiullina, the group threatened a "powerful social explosion" if assistance isn't provided.
Even before the crisis, interest rates of 10 to 12 percent on foreign currency loans -- and 12 to 14 percent on ruble-denominated mortgages -- mean many Russians will wind up paying double to triple the principal borrowed on 15- to 20-year loans.
The group of foreign currency mortgage holders says Russia's financial crisis, exacerbated by falling oil prices and Western sanctions over Ukraine, has transformed their loans into "financial slavery".
To make matters worse, interest rates are expected to rise further still in the wake of the central bank's decision this month to hike its key rate to 17 from 10.5 percent to prop up the ruble.
Economist Yevgeny Gontmakher said the collapse of the ruble was a huge blow to Russia's middle class, which includes many holders of foreign-currency loans.
"It's a catastrophe for them," said Gontmakher, deputy director of the Institute of World Economy and International Relations of the Russian Academy of Sciences.
The government, he added, would likely pass the buck by putting pressure on the banks, which are already struggling with a liquidity squeeze.
OUCH
and lastly, from the article:
"Why have ordinary borrowers been left alone with their misfortune?" asked members of the social media group in their letter to the central bank.
umm, i'll take a shot at that. Take personal responsibility for your financial actions (YOU took a mortgage that had currency exposure). And sadly its crystal clear your leader is an INCOMPETENT clown.....is Putin's approval rating still over 80% ?
ROTFLMAO!!!!! Rusted Brain '45 called, he wants his nuts back...
