The word mortgage does not exist in the Russian language. The concept of borrowing money to own a home will take time for the Russian psyche to adapt. It was reported by numerous sources that people do not trust the banks in Russia. The black market is alive and well, people stash hard currency, and Russian people covet American dollars. Congress said that there are more American dollars in Russia than in circulation in the United States today.
Problem is that most dollars are held offshore or kept under mattresses.
Letters of support and congratulation were read from President Clinton, Premier Bouchard of Quebec and Yukon Government Leader Piers McDonald. A chord seems to have been struck between Yukon and Russia. Romanczak and Lyon were thanked again and again for the relevance of their presentations and intrinsic appreciation of the Russian situation. The challenges facing Russia are immense. On the world scene there are high expectations that this boost to the construction sector will help to get the Russian economy working and stabilized.