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Nairaland Forum / Nairaland / General / Business / CBN Revokes Licences Of 25 Mortgage Banks (9746 Views)
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CBN Revokes Licences Of 25 Mortgage Banks by mukina2: 6:56pm On Aug 13, 2012 |
Central Bank of Nigeria (CBN) may have began a clampdown on Primary Mortgage Banks (PMBs) that ceased to carry mortgage business for which they were licensed. http://businessnews.com.ng/2012/08/13/cbn-revokes-licences-for-25-mortgage-banks/?utm_source=&utm_medium=twitter&utm_campaign=cbn-revokes-licences-for-25-mortgage-banks |
Re: CBN Revokes Licences Of 25 Mortgage Banks by RichDad1(m): 7:19pm On Aug 13, 2012 |
Most of this Mortgage Banks are as good as dead already. |
Re: CBN Revokes Licences Of 25 Mortgage Banks by manny4life(m): 7:21pm On Aug 13, 2012 |
OK... Coming back with a comment. |
Re: CBN Revokes Licences Of 25 Mortgage Banks by ifyalways(f): 7:23pm On Aug 13, 2012 |
I'm quite surprised to see "Allwell" in the list |
Re: CBN Revokes Licences Of 25 Mortgage Banks by Nwogbe: 7:23pm On Aug 13, 2012 |
Interesting |
Re: CBN Revokes Licences Of 25 Mortgage Banks by manny4life(m): 7:25pm On Aug 13, 2012 |
Back... What kind of mortgage banks have a market capital of N5million? Isn't that too small? Besides, how do these "mortgage banks" raise money? What kind of mortgage do they deal with, how is their operations like? 1 Like |
Re: CBN Revokes Licences Of 25 Mortgage Banks by Nobody: 7:33pm On Aug 13, 2012 |
Nigerians are just too smart to part away with their Cash for an imported giant ponzi scheme a.k.a mortgage. Save your money; buy or build your own house with cash or continue paying rent and have rest of mind. Sanusi; pat on your back. Well done. |
Re: CBN Revokes Licences Of 25 Mortgage Banks by acidtalk: 7:40pm On Aug 13, 2012 |
manny4life: Back... With N5million naira they can borrow 5,000 market women N10,000 each to restock their kiosk with biscuits and sweets. Soon we will see people coming out to scream people loosing their jobs and Sanusi's bad policies whereas we fail to realize that these financial institutions collects loans from CBN and then channel such monies into their private extravagant lifestyle. Most of this fake Mortgage houses own hectares of land around ikorodu, ofada and mowe yet they don't have the right documents from the state government, as such dupe unsuspecting people with such land advert only to find out that 10years after purchase you can't still develop or start construction work on your plot. Enough cleansing needs to be done across every sector of the Nigerian Economy. 2 Likes |
Re: CBN Revokes Licences Of 25 Mortgage Banks by Nobody: 7:43pm On Aug 13, 2012 |
Next in line....... All these mushroom microfinance banks... That only give loans to people with 10 heads and businesses the size of Trade fair. |
Re: CBN Revokes Licences Of 25 Mortgage Banks by manny4life(m): 7:45pm On Aug 13, 2012 |
Olodostein: Nigerians are just too smart to part away with their Cash for an imported giant ponzi scheme a.k.a mortgage. They're smart not to part their money, YET same people run to banks for loans at double digits interest rates? Same folks will collateralize their properties (land and fixed assets) to get money from banks, and you say they're to smart to part away with their own money? Financing is DEFINITELY not for everyone, an average income earner will NEVER save nough to buy a home in the next 20years because of human nature and seen and unforeseen commitments. How do you mean by imported giant ponzi scheme? Save your money? How much are you gonna save? In how many years? Come on man, for real? Anyway, be it as it may, if there are ethical and financial justification for their closure, then I'm all for it. 1 Like |
Re: CBN Revokes Licences Of 25 Mortgage Banks by Nobody: 7:48pm On Aug 13, 2012 |
Next in line....... All these mushroom microfinance banks... That only give loans to people with 10 heads and businesses the size of Trade fair. When market women or poor farmers ask for loan, they request for collateral like house or what have you. Na wetin mama nkechi wey dey sell ugu 4 market, mai gworo or iya ewa go do ? Misplaced priorities !! |
Re: CBN Revokes Licences Of 25 Mortgage Banks by manny4life(m): 7:49pm On Aug 13, 2012 |
acidtalk: Unfortunately, this is not the case; to my understanding, mortgage bank DO NOT engage such types of operations, isn't that the business of micro finance banks and small capital banks? Mortgage banks invest/buy/finance mortgage related real estate, so I'm surprised how the market capital is N5million. 1 Like |
Re: CBN Revokes Licences Of 25 Mortgage Banks by Nobody: 8:02pm On Aug 13, 2012 |
manny4life: Before one engages in a business such as this, do not only look at the prons but also at the psyche of the average Nigerian comsumer. The average Nigerian man believe in buying his property with cash. If there was anything like mortgage, the system isn't ripe for it. Unsurprisingly, the western world is still yet to recover from the shock in the housing market. How can I pay my mortgage for years and wake up oneday to a valueless property with home equity virtually wiped out ? I am quite sure you know how ponzi scheme works, especially for the average Joe's. We need our own unique economic system. Culture and social attitudes plays a key role in how economy and business systems works. 1 Like |
Re: CBN Revokes Licences Of 25 Mortgage Banks by meksroland: 8:50pm On Aug 13, 2012 |
Sanusi is a copy and paste CBN governor. He's not adding anything jare instead suffering and joblessleness |
Re: CBN Revokes Licences Of 25 Mortgage Banks by kenbee(f): 12:50am On Aug 14, 2012 |
What the essence of shooting a dead dog? Think ''All well savings & loans limited'' were non operational some eighteen years back. May be, CBN wants to score some cheap point here. |
Re: CBN Revokes Licences Of 25 Mortgage Banks by coolheed: 1:46am On Aug 14, 2012 |
kenbee: What the essence of shooting a dead dog? Think ''All well savings & loans limited'' were non operational some eighteen years back. May be, CBN wants to score some cheap point here. I think he is not shooting a dead dog here. As a regulator he is just announcing the obituary of the dog so that an ignorant man on the street will not see this dog and start shouting "BINGO". |
Re: CBN Revokes Licences Of 25 Mortgage Banks by Chylo(m): 2:37am On Aug 14, 2012 |
manny4life: Please re-read the story, it is 5 billion, and not 5 million. Thank you. |
Re: CBN Revokes Licences Of 25 Mortgage Banks by anicho(m): 4:14am On Aug 14, 2012 |
It's high time people's money are kept safe and working, not one poor bank(shop) closing up and running away with people's hard earned cash.... But i make cash easy. Check my signature. |
Re: CBN Revokes Licences Of 25 Mortgage Banks by jakaiso(m): 6:05am On Aug 14, 2012 |
Im sorry-but why dont people take the time to read things through. The N5 Million was the initial capital requirment 15 Years ago- (1997) and it seemed to have been raised to N100 million within a year (though the article is not clear about this). In 1997 a dollar was not only N75-the rent on my Uncle's 3 bedroom apartment in Ojodu was N30,000 a year. When I took over the apartment in 2002 it had became N110,000-now its close to N250,000. So N5 million in 1997 (likely) had the purchasing power of 2012's N100 million. The dates and figures in the article could be wrong-but thats what I have based my submission upon. |
Re: CBN Revokes Licences Of 25 Mortgage Banks by pcicero(m): 2:14pm On Aug 14, 2012 |
ifyalways: I'm quite surprised to see "Allwell" in the list Well, it has shown that all is not well after all. |
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