ANALYSIS OF THE APPROACHES TO STATE SUPPORT FOR HOUSING CONSTRUCTION THROUGH MORTGAGE INCENTIVES: FROM THE USA TO RUSSIA

At the end of 2016, the Russian Government decided to abandon the mortgage rates subsidy program, which, as a result, had survived less than two completed years. In return for it, the development of a mortgage refinancing program through the issuance by the State Agency for Housing Mortgage Lending of mortgage securities, a relatively new for Russia type of mortgage bonds, was proposed by the authorities. The first bonding worth more than 2 billion rubles was held at the very end of last year. What are the possible economic consequences of the decisions taken? Will the implementation of the already launched new state program lead to the next largescale crisis in the market? Herein, an attempt to answer these extremely relevant questions, based on the experience of organization, development and subsequent collapse of similar programs in the United States of America is made by the author. The study conducted shows that the intention of the Russian Government to take the advantage of the methods of economy incitement through the support of the mortgage lending mechanism, proven in the developed economies, in practice is gradually leading to the same alarming symptoms that less than a decade ago were missed by the US authorities designed to regulate and stabilize the financial market.