1.0INTRODUCTION.
Mortgage banking, this means that type of bank that give loan for purchase of property ie the banks give loans to the owners of property who want to use such item (ie) property as a security or colorectal security against media and long term loans.
Shelter is man’s second most important basic need after food, and before clothing. the provision of shelter has thus been a major source of concern of man since creation. From the care-man to the modern urban dweller, housing has continued to pose intricate problems in terms of adequacy, construction-input mobilization and maintenance. While the housing needs of the pre-colonial Nigerians, especially in village community, were partly nut by colomunal labour and partly by his own endeavors the present day Nigerian is contracted with the problem of how to construct or own a house at a time he most needs one.
Government efforts have assumed new dimensions in independent Nigeria with the direct construction of housing units which the work force can buy and own, as contra distinguished from employer- provided rented accommodation.
Mortgage banking has been introduced to provide housing finance to enable people to own houses without first serving or amassing the funds required. The FMB established on 20th January 1979 by Decree N0 7. absorbed the assets and liability of the Nigerian building society (NBS) which had been in operation since 1956. The NBS it self was the first mortgage institution in the country. Originally it was jointly own by the common wealth Development Corporation (CDC) which held 50% of the equity, the Federal Government with 31% and the eastern Nigerian Government subscribing 9%. In 1972, the federal Government bought over 60% equity holdings of CDC, granted the society substantial loan at very low rate of interest of 3% and directed it to reduce interest changes on mortgage loans.
On other significant recommendation was that the Mortgage bank should not be required to supervise and control the other mortgage institutions and building societies, the reason being that it should be impolitic for the mortgage bank to compete with other institution in retail businesses and also supervise and control them. Following Ababia committee reports the Federal mortgage Bank Decree N07.establishing the bank was promulgated in July 1977.The enabling the Decree was silent on the objectives of the new bank perhaps because these were obvious from the housing policy as emancipated by Federal Government. In this degree the principle functions of that bank were spelt out this :.
(1)The encouragement and promotion of the development of mortgage institutions at state and national levels.
(2)The provision of long – term credit facilities directly to Nigeria executive council. the provision, with the approval of the commissioner, at competitive commercial rates of interest, of credit facilities to commercial property developers and developers of offices and other specialized types of buildings.
(3)The supervision and control of the activities of mortgage institutions in accordance with such direction as may be given in their behalf by the Federal Executive council.
TABLE OF CONTENT
TITLE PAGE__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ i
DEDICATION__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ii
ACKNOWLEDGEMENT__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _iii
APPROVAL PAGE__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ iv
TABLE OF CONTENTS__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ V
CHAPTER ONE: INTRODUCTION
1.1STATEMENT OF PROBLEM
1.2BACKGROUND OF THE STUDY
1.3OBJECTIVE OF THE STUDY
1.4RESEARCH QUESTION
1.5THE SCOPE OF THE STUDY
1.6SIGNIFICANCE OF THE STUDY
1.7RATIONALE OF THE STUDY
1.8LIMITATIONS OF THE STUDY
1.9DEFINITION OF TERM
1.10REFERENCES
CHAPTER TWO:
A.LITERATURE REVIEW
B.REVIEW OF OTHER RELATED PREVIOUSLY
COMPLETED RESEARCH WORK.
2.0.MORTGAGE BANKING IN THE POST INDEPENDENCE ERA.
2.1INSTITUTIONAL FRAMEWORK FOR HOUSING DELIVERY.
2.2THE FEDERAL HOUSING AUTHORITY (FHA)
2.3HOUSING FINANCE IN NIGERIA.
2.4THE CURRENT SITUATION OF MORTGAGE BANKING IN NIGERIA
2.5EXPECTATIONS OF MORTGAGE BANKING IN THE DEVELOPMENT OF HOUSING IN NIGERIA.
2.6SUMMARY AND CONCLUSION
2.7REFERENCES.
CHAPTER THREE
3.0METHODOLOGY AND RESEARCH DESIGNS
3.1AREA OF STUDY
3.2RESEARCH POPULATION
3.3SAMPLE DETERMINATION
3.4 SAMPLE AND SAMPLING PROCEDURES
3.5TYPES OF DATA USED
3.6LOCATION OF DATA
3.7INSTRUMENT OF DATA COLLECTION
3.8METHOD OF DATA COLLECTION
3.9METHOD OF DATA ANALYSIS
3.10REFERENCE.
CHAPTER FOUR
QUESTIONNAIRE PRESENTATION AND ANALYSIS OF DATA.
CHAPTER FIVE
5.0CONCLUSION
5.1SUMMARY AND FINDINGS
5.2RECOMMENDATION
5.3SUGGESTIONS FOR FURTHER RESEARCH.
BIBLIOGRAPHY