OREANDA-NEWS. Sberbank and the Agency for Housing Mortgage Lending (AHML) entered into a memorandum of cooperation. The document was signed by Herman Gref, CEO and Chairman of the Executive Board of Sberbank and Alexander Plutnik, CEO of AHML.

The main purpose of the memorandum is to develop interaction between the parties on a pilot project to issue mortgage-backed securities as part of AHML's "Mortgage-backed Securities Factory" at the expense of purchasing a pool of mortgage loans from Sberbank.

The memorandum sets the stage for the creation of a new and effective instrument of AHML, which will refinance mortgage loans - the "Mortgage-backed Securities Factory". At the same time, Sberbank will continue to service clients whose loans have been transferred to AHML, by acting as a servicing agent.

The final conditions for the pilot deal and its timeframe will be specified in the corresponding agreements. Sberbank and AHML are developing a joint programme for securitisation of Sberbank mortgages on a regular and systemic basis.