The authors analysis serves as the basis for conclusions about these countries and recommendations for others in the region whose policies are still under development. Indeed, the countries in the Common-wealth of Independent States other than Russia and the transition countries of southeastern Europe are just beginning the development of their housing finance systems. They are examining the possibility of redefining homeownership policies in light of mass housing privatization already implemented and the introduction of borrowing on market terms to finance home purchase. Still, the countries of the CIS and southeastern Europe can learn much that is positive from the experience of the Visegrad countries and the Russian Federation, especially in their efforts to develop a housing finance system. These countries have done well in establishing the legal foundation for mortgage lending.
Banks generally originate and service loans following international standard practices.
Poland is creating a credit bureau to improve loan underwriting, and Russia is supporting the development of a mortgage liquidity facility. It is important to remember that when the Visegrad countries and Russia embarked on their voyages of creation there was little specifically relevant experience on which to build. Especially in this light, they have done a remarkable job. But it is now clear that substantial inefficiencies are built into their housing finance and homeownership subsidy systems, inefficiencies that should be addressed. There are variations on this basic model.