Mortgage banks are financial houses that act as specialists in providing money and facilities which encourage people, business firms to get their own houses without first saving the funds required. Housing is one of the important factors that determine urban firms and constitutes the single most serious problems facing large cities in Nigeria today. In 1950s and 1960s, the need small mainly because of low urbanization level.
The buoyancy of the Nigeria economy in the 1970s and the uneven spartan distribution of industrial development accelerated the rate of urbanization in Nigeria. The heretherto uncontrolled and unplanned urbanization resulted in housing shortages in qualitative and quantitative forms. There existed today a journey gap between the demand and supply decent accommodation. The consequence of excess demand over supply was high rent and the growth of informal rationing system which discriminated against the poor to the extent that over half of the urban populations in Nigeria live in slump.
Against this background and considering the fact that housing provides the physical frame work in which man’s social, economic and cultural resources are realized entrenched and integrated: it becomes obvious that adequate housing deserved great attention.
In realization of the importance attached to housing, the federal government of Nigeria established the federal mortgage bank of Nigeria on 20th January 1977 to take over the assets and liabilities of the Nigeria Building Society (NBS), which had been in operation since 1956. The Nigeria Building Society itself was the first mortgage institutions in the country.
Perhaps, the federal mortgage had initial capital of the bank of twenty million naira (20m) and was later reviewed upward to one hundred and fifty million naira (N150m) in the year 1979.
TABLE OF CONTENTS
Title Pageii
Approval Pageiii
Dedicationiv
Acknowledgementv
Table Of Contentsvi
Chapter One
Introduction1
1.1Background Of The Study1
1.2Statement Of Problems2
1.3Objective Of The Study3
1.4Significance Of The Study4
Chapter Two
Review Of Related Literature5
2.1Reasons For The Establishment
Of Federal Mortgage Banks5
2.2Ownership And Control Of Federal Mortgage Banks8
2.3Organizational Structure Of Federal Mortgage Banks9
Ugwu, A.
(2018). THE ROLES OF FEDERAL MORTGAGE BANKER IN ACHIEVING ECONOMIC DEVELOPMENT OF NIGERIA. Afribary. Retrieved from https://afribary.com/works/the-roles-of-federal-mortgage-banker-in-achieving-economic-development-of-nigeria-4217
MLA 8th
Ugwu, Anderson
"THE ROLES OF FEDERAL MORTGAGE BANKER IN ACHIEVING ECONOMIC DEVELOPMENT OF NIGERIA" Afribary. Afribary, 29 Jan. 2018, https://afribary.com/works/the-roles-of-federal-mortgage-banker-in-achieving-economic-development-of-nigeria-4217. Accessed 08 Dec. 2023.
MLA7
Ugwu, Anderson
. "THE ROLES OF FEDERAL MORTGAGE BANKER IN ACHIEVING ECONOMIC DEVELOPMENT OF NIGERIA". Afribary, Afribary, 29 Jan. 2018. Web. 08 Dec. 2023. < https://afribary.com/works/the-roles-of-federal-mortgage-banker-in-achieving-economic-development-of-nigeria-4217 >.
Chicago
Ugwu, Anderson
. "THE ROLES OF FEDERAL MORTGAGE BANKER IN ACHIEVING ECONOMIC DEVELOPMENT OF NIGERIA" Afribary (2018). Accessed December 08, 2023. https://afribary.com/works/the-roles-of-federal-mortgage-banker-in-achieving-economic-development-of-nigeria-4217
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