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  • MORTGAGE BANKS
    ECONOMICS

    MORTGAGE BANKS

    Mortgage banks are financial institutions that specialise in granting loans to individuals and corporate bodies for building purposes. Such loans are repaid by instalments and can be spread over several years. Mortgage banks accept deposit from the investing public at a rate of interest and use the fund to lend, at a higher rate of interest, to people who wish to purchase their own houses. The Federal Mortgage Bank was established with headquarters in Lagos to encourage people to save in order to own their houses. This is the apex mortgage bank which works with other state housing corporations and mortgage institutions. The Federal Mortgage Bank supervises other mortgage institutions…

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