Business Commons^™

Welcome Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, Y. Nuhu

Economic and Financial Review

This is the welcome address by Alhaji Y. Nuhu at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

Special Remarks At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects., O. J. Nnanna

Economic and Financial Review

This is the special remarks by Dr. O. J. Nnanna at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

Opening Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, O. A. Demuren

Economic and Financial Review

This is the opening address by Mrs. O. A. Demuren at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

Keynote Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, Obadiah Mailafia

Economic and Financial Review

This is the keynote address by Dr. Obadiah. Mailafia at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

The Role Of The Mortgage Industry In Economic Development, Kayode Omotosho

Economic and Financial Review

This article examines the role of the mortgage industry in economic development with a view to identifying its problems, challenges and opportunities. Possible areas of assistance from other stakeholders are also highlighted. The article discussed the evolution of mortgage banking and financing in Nigeria and the demand/market for mortgage sector finance services in Nigeria. It estimates that Nigeria needed N50 billion annually to provide an estimate of 8 million housing units in 2000. The article then examines the Federal Mortgage Bank of Nigeria (FMBN) in the last decade (1990 - 2000) and National Housing Fund (NHF) as well as the …

Legal And Regulatory Framework For The Mortgage Industry In Nigeria, J. A. Akinwale

Economic and Financial Review

This article examines the legal and regulatory framework for the mortgage industry in Nigeria. The outline of major issues on legal and regulatory framework for mortgage institutions discussed in the article include: Functions of PMI’s vis-a-vis their enabling laws and role in the overall financial system; licensing; assets and liability powers; capital requirements; supervision; disclosure and verification of information; staffing, and developmental issues.

Mortgage Institutions And Financing In Nigeria: Performance, Constraints And Prospects, S. A. Oni

Economic and Financial Review

The article, mortgage institutions and financing in nigeria: performance, constraints and prospects, reviews the performance of the mortgage institutions in Nigeria. The rest of the paper is divided into four parts. Following this introduction is part 2 that focuses on the evolution of mortgage financing in Nigeria. Part 3 reviews the performance of mortgage institutions, while part 4 highlights the constraints in the sub-sector and the prospects of mortgage financing in Nigeria. Part 5 concludes the paper.

Understanding The Technical Operation Of Mortgage Market: Financing Options And Valuation Techniques, Femi Ekundayo

Economic and Financial Review

This paper aims to discuss the. evolution of mortgage banking in Nigeria, development and practice of mortgage financing and valuation techniques using Primary Mortgage Institutions (PMI) as a thrust. It is also to elicit contributions from others and subject the final product to further research for development of the scheme in Nigeria.

The National Housing Fund Scheme: The Journey So Far, O. A. Adeniji

Economic and Financial Review

This article reviews the National Housing Fund and highlight the successes and constraints. The rest of the article is divided into five sections. Section 2 reviews the National Housing Fund Scheme. The lessons of experience from other countries are contained in section 3, while section 4 highlights the achievements of the Federal Mortgage Bank of Nigeria (FMBN) since the inception of the reforms. The problems militating against the effective implementation of the NHF is the focus of section 5. Section 6 concludes the article.

An X-Ray Of The Mortgage Industry In Nigeria, Fortune Ebie

Economic and Financial Review

This article provides a detailed examination of the Mortgage Industry in Nigeria with a view to identifying the issues, challenges and prospects. The rest of the paper is divided into five sections. The overview of housing industry in Nigeria is the focus of section 2 while section 3 reviews the structure of the mortgage industry. Section 4 focuses on the regulatory/institutional framework for mortgage financing in Nigeria. The x-ray of mortgage industry is undertaken in section 5 while section 6 concludes the paper.

The Land Tenure System: Which Land Title For The Nigerian Mortgage Industry?, J. A. Akinwale

Economic and Financial Review

The article examines among issues raised in the 2001 Report of the Presidential Committee on Urban Development and Housing, which made recommendations for the National Housing Policy. ln order to appreciate the kind of land tenure system that is operated in the country, the objective of this paper is to highlight the process and procedure individuals or corporate bodies will have to go through in order to secure finance for building or buying a house. The paper is divided into three sections. Following this introduction, is section two which discusses mortgage loan perfection, while section three appraises the land tenure …

Stock Options: To Expense Or Not To Expense. A Comparison Of Economic Determinants, Firm Payoffs, And Pay-Performance Sensitivity Of Executive Stock Option Compensation, Barbara Wood

Finance and Real Estate Dissertations

Until June 2005, firms had a choice in accounting for stock option compensation. The majority of firms elected to disclose option compensation expense in the footnotes of their financial statements. However, after the accounting scandals in the early 2000s, many firms moved from disclosing the expense to recognizing the expense as a charge against earnings. This research examines the reasons that firms would voluntarily elect to adopt option recognition prior to regulatory requirement. The decision to recognize option pay is examined with respect to efficient contracting, earnings management, and information signaling. Firms that elect to expense option pay do so …

The State Of The Region: Hampton Roads 2005, James V. Koch, Vinod Agarwal, John R. Broderick, Edward Card, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Kristine Karlsen, Feng Lian, Sharon Lomax, Linda Mcgreevy, Janet Molinaro, Kenneth Plum, Qian Sun, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's Sixth Annual State of the Region Report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion, or it's president, Roseann Runte.

The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are" and a sound …

Analysis Of Per Capita Expenditures Of Suburbanizing Communities In Maine, New England Environmental Finance Center

Economics and Finance

This study analyzes per capita expenditure trends among selected fast-growing Maine towns from 1970-2004. The ten communities studied are termed as “suburbanizing” towns. This term is used to describe towns that over the past 30-40 years have been in the process of transition from rural to suburban – in terms of their population and housing densities, their forms of government, and the services they provide, as well as other characteristics.1 Such towns are of particular interest because they have been absorbing a healthy percentage of the state’s population growth during this time period, often at the expense of Maine’s service …

Barriers To Building Partnerships Between Major Stakeholders In Affordable Housing Investment In Queensland, Connie Susilawati, Lynne Armitage

Lynne Armitage

The recent housing boom experienced across Australian metropolitan markets has attracted many new investors and resulted in increasing prices across the full range of residential sub-markets for both owner-occupation and investment categories. Of particular concern from a social perspective is the consequential pressure generated in the affordable housing rental market. This paper reports the results of a survey of affordable housing providers drawn from a range of backgrounds. Using in-depth interviews, it compares the opinions of these supply side groups regarding their experiences of the barriers to entry to affordable housing partnerships. The findings show agreement across the sector that …

Thermal Efficiency Characteristics Of Indirect Evaporative Cooling Systems, Ben Costelloe, Donal Finn

Conference Papers

Recent developments in enhancing heat transfer in cooling towers, together with the success of chilled ceilings, have prompted a review of the evaporative cooling technique. in temperate maritime climates. The thermal efficiency of such systems is a key parameter, as a measure of the degree to which the system has succeeded in exploiting the cooling potential of the ambient air. This paper presents the results of experimental research into the thermal efficiency of a water-side open indirect evaporative cooling test rig designed to achieve low (1-4 K) approach conditions. Secondary efficiencies in the range 0.24-0.76 have been achieved.

Land Value Taxation: Persuasive Theory But Practically Difficult, Tom Dunne

Articles

While the theoretical case for Land Value Taxation is regarded as being very persuasive, most people looking closely at the idea form the view that the practical difficulties of introducing it into an established modern economy are compelling. Nevertheless, in Europe and America the ideas put forward by George continue to influence many people discussing issues around land use planning, urban development and methods of funding infrastructure and local government.

Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng

Research Collection School Of Economics

Real estate investments are typically characterized by high degrees of leverage and long loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period is to compare the required rate of return with the leveraged rate of return on equity.

Barriers To Expanding Partnerships For Affordable Rental Housing Investments, Connie Susilawati, Lynne Armitage, Martin Skitmore

Lynne Armitage

The recent housing boom, experienced across Australian metropolitan markets, has attracted many new investors and resulted in increasing prices across the full range of residential sub-markets for both owner-occupation and investment categories. Of particular concern from a social perspective is the consequential pressure generated in the affordable housing rental market. Moreover, high vacancy rates and modest rental growth in rental housing has caused a deterioration in the investor’s rental yield given these increasing house prices (Powall and Withers, 2004, p.7).

In this difficult situation, traditional delivery methods for rental housing are unlikely to continue to attract more investment in this …

Ecology, Morality And Synergism, Thomas Power

Articles

This short essay looks at the views of unorthodox members of three professions. Richard Douthwaite an anti-growth economist, James Lovelock a "mythical" scientist, and Yoneji Masuda, a Japanese guru of the Information Technology age. All three assume a re-orientation of human thinking. Douthwaite's "moral society", Lovelock's "ecological society" and Masuda's "synergistic society" have little basis in reality, despite their intrinsic appeal. Despite the "high knowledge consumption" of an information age, predicted by Masuda, history teaches us that knowledge has always been used by man to gain power and not to better the lot of mankind. There is no reason to …

Development Forecast: The Fiscal Effects On Property Taxes And Occupational License Fees And The Social Costs And Benefits Of Urban Redevelopment In Lexington-Fayette County, Kentucky, Tony J. Stoeppel

MPA/MPP/MPFM Capstone Projects

Real estate development has effects on the publicly recorded property valuation of a parcel. The extent of the relationship in Lexington-Fayette County demands further analysis. Redevelopment also has unintended social costs the public may be forced to bear. This study presents estimates of the fiscal impact a redevelopment project has on the local tax revenues. The study population used for analysis includes redevelopment projects completed within the last six years in the downtown Lexington area. The research attempts to formalize a relationship among the incremental change in the publicly recorded value, the cost of redevelopment, and the distance the project …

Home Buyers Use Of The Internet: A Study From 1999-2005, Carolyn Mac Evoy

Seton Hall University Dissertations and Theses (ETDs)

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Bank Lending And Real Estate In Asia: Market Optimism And Asset Bubbles, Winston T. H. Koh, Roberto S. Mariano, Andrey Pavlov, Sock-Yong Phang, Augustine H. H. Tan, Susan M. Wachter

Research Collection School Of Economics

This paper investigates the Asian real estate price run-up and collapse in the 1990s. We identify financial intermediaries’ underpricing of the put option imbedded in non-recourse mortgage loans as a potential cause for the observed price behavior. This underpricing is due to behavioral causes (lender optimism and disaster myopia) and/or rational response of lenders to market incentives (agency conflicts, deposit insurance, or limited liability of bank shareholders). The empirical evidence suggests that underpricing occurred in Thailand, Malaysia, and Indonesia. Consequently, these countries experienced a more severe market crash than Hong Kong and Singapore, where underpricing was kept under control by …

The Creation And Economic Regulation Of Housing Markets: A Comparison Of The Experiences Of Singapore And Korea, Sock-Yong Phang

Research Collection School Of Economics

Privatization, creation of markets and economic regulation are terms that few would immediately associate with the housing sector. Mainstream housing markets in most of the free market economies of the developed world are regarded as competitive markets, with little need for economic regulation of the market. Regulations that attempt to control behavior directly are generally limited to policies relating to rent control, the provision of rental housing or rental allowances for lower income groups, as well as land use regulations and building controls.

The housing sectors of Singapore and Korea are highly unusual in the extent of government involvement and …

Who Bears The Balloon Risk In Commercial Mortgage-Backed Securities, Mark Eppli, Charles Tu

Mark J. Eppli

No abstract provided.

"Banking For The Poor: Evidence From India" (With Robin Burgess And Rohini Pande), Grace W. Bucchianeri, Robin Burgess, Rohini Pande

Grace Wong Bucchianeri

State led credit and savings programs have been implemented in numerous low income countries, but their success in reaching the poor remains widely debated. We report on research which exploits the policy features of the Indian social banking program to provide evidence on this issue.