Association Wants Mortgage Law Reviewed

The Mortgage Banking
Association of Nigeria (MBAN) has called for the review of the mortgage law of foreclosure in the country.
In a statement issued last Monday obtained by The Tide and signed by its Executive Secretary, Mr Kayode Omotosho the body said the lack of foreclosure laws governing mortgage loan defaults and the entire cost associated with the task of title transfer were major issues that needed comprehencsive review in the country.
Omotosho said the mortgage finance industry was faced with a number of tough challenges, including strict financing laws and wealth banking structures.
He said lack of foreclosure law on mortgage had hindered the growth of the mortgage system in the country.
He also said that poor infrastructure  to provide support for house construction and highly complicated as well as lengthy legislative and legal frameworks for land acquisition were major setbacks for the mortgage sector in the country.
The Executive Secretary said stakeholders in the mortgage sector had agreed on the need to highlight and address the major contributing factors responsible for the lack of investment in the mortgage sector in the country.
He said such identification of the problems in the sector would ensure an effective solution proffer towards addressing the challenges and thereby motivate investors to invest in the sector.
Omotosho said stakeholders in the mortgage sector had discussed the challenges, prospects, progress housing and finance infrastructure through mortgage with a view of ensuring strict adherence to laws regulating mortgages in the country.
He appealed to the Nigerian mortgage refinance company to stimulate the sector through an effective conditions within the sector to ensure that major impediments driving out investments from the country are overcome.
He said the mortgage sector of the nation’s economy remained a viable sector for investment if proper laws to regulate the sector were enacted for the mortgage sector in the country.

Phillip Okparaji