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. Last Updated: 07/27/2016

U.S. Mortgage Plan

MOSCOW -- U.S. advisers presented Moscow's mayor with a plan that would make home mortgages easier to obtain and help expand the property market in the Russian capital.

At present, mortgages are quite rare in Russia and home buyers usually are expected to pay the full price in cash.

The plan developed by Harvard University's Graham Allison calls for loans and credits of about $500 million this year that would help thousands of home buyers, Interfax reported. The plan would expand in succeeding years.

The program involves cooperation between the Moscow city government and private banks, butthe report did not give specifics on how it would work. Allison presented his proposal at a meeting with Moscow Mayor Yury Luzhkov.