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CHAPTER ONE

INTRODUCTION

1.1    Background of the Study

The Federal mortgage finance limited incorporated July 1993 under. It is fully owned by the Federal Government of Nigeria established to provide credible and responsive housing finance service that will facilitate housing delivery to all segments of the Nigeria Society. The establishment of the company informed by Federal Government recognition of the imperatives to direct the old Federal Mortgage Bank of Nigeria of its retail banking and mortgage operations so that Federal Mortgage Bank of Nigeria could concentrative on its rightful role as the nations apex mortgage lending.         

Today federal mortgage finance limited has opened branches in all the state headquarters including Abuja Federal Capital territory, with many saving centers in urban commercial locations with a solid financial and assets base, on unrivalled nations wide branch network or 54 operational outlets and 654 experienced, dynamic and highly competent work force, the company is passed to offer efficient, effective and reliable service that are unequalled in the housing finance sub-sector of the economy. 

1.2   Statement of the problem                

This research work will treat the topic mortgage banking and housing policy in Nigeria. Furthermore, the problem confronting the mortgage institution in granting loan to people which will assist them either to buy, build or improve their house. A great change has been brought to the operation of mortgage financial institution in Nigeria Housing as we all know is one of the basic needs of mankind and it is the most important for the physical survival of man after the provision of food. Decent housing is one of the basic needs of every individual, the family and the community in general.  As a pre-requisite to the survival of man, it ranks second only to food. It is also one of the best indicators of a person standard of living and his place in the society; the housing an individual lives in is a symbol of his status on measure of achievement and social acceptance an expression of his personality.         

In Nigeria, there is a shortage of adequate housing facilities. Lagos for instance has an average of 3.8 persons per room, and extreme density ranging between 5 to over 7 persons per room. More houses are needed to relieve the existing overcrowding in many Nigeria urban centre’s. 

1.3   Research Questions and Hypothesis

An hypothesis is a provisional statement given to guide an investigation. t is a set of testable statement yet to be empirically verified. This research work has data collected through organizational interviews, extraction from financial journals, textbooks and questionnaire.  

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