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 aren’t 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 doesn’t 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.