If the GSEs are so bad, why are other countries starting to form similar institutions as they formalize their mortgage markets? For example, I heard that Nigeria is setting up a Fannie Mae type of organization (the Nigeria Mortgage Refinance Company) to support homeownership in the country. Maybe we should rethink shutting down the GSEs, after all they are working.
The Nigeria Mortgage Refinance Company (NMRC) is another sign that helps show the economic, social benefits that this organization will provide homeowners to help Nigerians have affordable housing in the country. Plus the creation of the (NMRC) is another sign of how the government is continuing its efforts to fight anti-corruption and make strong efforts in those efforts. See further information below.
The Nigeria Mortgage Refinance Company (NMRC) is another sign that helps show the economic, social benefits that this organization will provide homeowners to help Nigerians have affordable housing in the country.
NMRC actually incorporated on the 24th of June 2013 as a public limited liability company registered with the Securities & Exchange Commission (SEC) and regulated by the Central Bank of Nigeria (CBN) as a non-deposit taking financial institution with core activity of refinancing mortgages.
The development of the NMRC is a strategic response to the moribund challenges of housing in Nigeria, which led the Federal Ministry of Finance (FMoF) through the Central Bank of Nigeria and other development partners (WB, IFC) to initiate a Housing Finance Program that will consist of a public-private sector managed mortgage liquidity facility run by NMRC.
So, again I ask: If the GSEs are so bad why are other countries starting to form similar institutions as they formalize their mortgage market?
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.