Nigeria’s
government will announce tomorrow its plans to develop a mortgage finance
company along the lines of the U.S.’s Fannie Mae that will help
broaden access to home loans.
The Nigeria
Mortgage Refinance Co. (NMRC) will sell bonds on capital markets and provide
long-term financing to lenders that will help them extend more home loans,
according to an e-mailed statement from the Mercury PR company, acting for the
government. It will also have an “oversight function to standardize mortgage lending
practices,” it said.
