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The legislature in the 36 states of the federation are all settling down now with the new members learning the rope while the old and returning members are perfecting their arts for effective legislative duties.
Expectedly and as is characteristic of Nigeria, virtually all of these legislative houses had a number of bills pending which have been inherited by the new assembly. One of such bills which the sponsors wanted urgently was the adoption of a model mortgage and foreclosure law by the states.
The bill was packaged as part of efforts at growing a mortgage system that would drive affordability in the mortgage sector by proposing a model mortgage and foreclosure law by key pilot states including Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Enugu, Kano and Ogun states.
At the fore-front of the drive for this law is the Nigerian Mortgage Refinance Company (NMRC) which is riding on the relative success it has achieved in the last few years of its establishment and pushing for the adoption of the law by the states.
Given the importance of the law, mortgage sector stakeholders are urging the new states assembly to resume deliberations on it with a view to making their respective states adopt the law and pave the way for improved activities in the mortgage sector and, by extension, in the property market.
What NMRC is driving at, according to one its directors whose primary mortgage bank is a major shareholder in the company, is to get various states houses of assembly to pass foreclosure laws as a prelude to mortgage-backed affordable housing delivery.
This idea, when it filtered out, was good news and remains so for home seekers who may need mortgage facility because foreclosure law, upon adoption, fast-tracks the process for creating legal … Read More...