A municipal version of the program targets subsidies well to moderate-income families who have been on the waiting list for a dwelling unit. But the broad negative conclusion remains. Other countries further to the east and south may adopt these policies as a means of taking the modern approach or in response to promotional pressures by certain donors and private banking interests. This would be a costly mistake. The particular lessons to be learned from the Visegrad countries and Russia are detailed in the final section of chapter 1.
Prominence is given to Poland and the Russian Federation.
There are several high-volume lenders who are beginning to compete for business. The contrast between Poland and Russia in economic stability and economic growth in the past decade has been dramatic. Russia s instability has had an extremely adverse effect on the development of mortgage lending. Chapter 1 of this book summarizes and compares the situation in the region. These chapters cover a common set of topics.