Byline: Anatoly Gorev

MOSCOW _ The mortgage crisis in the United States has had an unpredictable effect in Russia. When it started unfolding, Russian banks imposed tougher credit terms, but later on made an about face.

The overwhelming majority of national banks have not cut down their mortgage programs. Moreover, in the last few days, they have even started lowering credit rates and not at all because they are afraid to lose clients _ for 99.9 percent of them mortgage is not the main source of income. The reason lies elsewhere _ the Russian authorities are apprehensive that the problematic Affordable Housing Project may be canceled altogether.

Indeed, even if ...

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