Surveyors Hail FG On Mortgage Refinance Company

The Lagos State Chap
ter of Nigerian Institution of Estate Surveyors and Valuers (NIESV) has commended the Federal Government for inaugurating the Nigeria Mortgage Refinance Company (NMRC).
NIESV said that NMRC would re-invigorate and enhance mortgage finance operations in Nigeria.
The Publicity Secretary of NIESV Mr Victor Ayeye, in Lagos, gave the commendation in an interview with newsmen  in Lagos recently.
He said that the NMRC would provide the much needed liquidity for national housing development if properly managed.
“This will help in increasing the nation’s housing stock generally.
“This is because the mortgage banks will easily turn their mortgage portfolios into cash to continue to give loans to people to buy or build houses,” he said.
Ayeye said that the mortgage banks in the country were handicapped in their operations because of lack of long- term funds.
He said that the refinance company would help to solve the funding problem and propel activities in the housing sector.
The Tide  reports that NMRC, inaugurated in Abuja last week, is expected to take off with a 300 million dollar soft loan from the World Bank.