The Central Bank may join the fight against housing fraud

Cases of challenging transactions by people who sold their home under the influence of fraudsters and want to restore their rights to real estate have recently gained resonance. At the same time, conscientious buyers may be left without money and without housing. It is not uncommon for sellers to make demands many years after the transaction has been completed. The State Duma has developed amendments to the Civil Code that protect bona fide buyers.

The Bank of Russia knows about such cases from the press, Gabunia noted during a press conference on the “Financial Stability Review” of the Central Bank. According to him, this is a really important issue. However, the Central Bank does not regulate the real estate market. If any initiatives regarding this problem appear, the Central Bank is ready to take part in their elaboration, said Philip Gabunia. The Central Bank can modify the component if it is related to the financial sector and provide the necessary services. If restrictions are imposed on the purchase and sale of an apartment, the movement itself, something needs to be finalized in terms of mortgages, the Central Bank will take part in this work.

The Central Bank understands the significance of the problem, however, the real estate market, mortgages and housing transactions themselves are beyond the powers of the regulator, added the Deputy Chairman of the Central Bank.

source: CYANOGEN