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PROJECT TOPIC- MORTGAGE ARRANGEMENT IN DEPRESSED ECONOMY

PROJECT TOPIC- MORTGAGE ARRANGEMENT IN DEPRESSED ECONOMY

 

ABSTRACT

The objective of the study is to find out the causes of unemployment and causes of high rates of business failure. To find out how government policies discourages the emergency of vibrant mortgage bank. To know why mortgagors default and strategies to use to recover unrepaid loan.To know the causes of inflation in an economy. To offer suggestion that will help mortgage banks in creating a condusive working environment. The instrument used in data colleciton is secondary source which comprises textbooks, libraries proffessional, trade organisation, questionnaire and internet services. Consequently to this analysis a summary of finding was obtained that most of the respondents companied about rate of payment it also discover loan foreclosures and loan disbursement. In the case of the study it recommends that government should provide adeqaute fund and also create secondary / intermediary mortgage institution. It also recommend that central bank should review the interest rate sructure and a review of payment terms.

CHAPTER ONE

1.0      INTRODUCTION

A prominent feature of real property investment is that it involves the expenditure of money. As a result, investors in real property hardly fund the project alone, instead they borrow part or all their capital requirement from financial institutions.

Leanders usually require collateral securities form their borrower before granting loan to them. This provides an avenue through which loan made to borrowwer could be recovered in the event of unfavourable bussiness condition or default by the borrower

1.1      BACKGROUND OF THE STUDY

HISTORY OF MORTGAGE

Mortgage is norman french term which originated from the various modes of operation of pledges (walmsely (P.56).

            A debtor in the olden days pledges his farm land to a creditor by tranfering the physical enjoyment to him, if the revenue were large enough, they rapay the loan immediately but if not the money for repayment had to be raised separetely.

            The former arrangement was called a “phle pledge” (mortgage) while the later a “dead pledged” (mortgage) thus the word “mortgage was formed from dead pledge” mortgage which represent a situation where the proceed from a security could not repay the loan borrowed.

Resulting in a search for alternative loan through which repayment could be made.

            As the practice of mortgage developed further, it becomes usual to transfer the debtors landout-right to creditor on the ground that the debtor could redeem it, if the debtor detaults the land authomatically becomes the creditors own.

            The principla is still effective till date and maintains that property serves as security only and should therefore be released whenever the loan is repaid.

            In Nigeria today there is large-scale default in mortgage repayment due to the adverse economic circumstance. Lenders thus resort to auction their operating cost.

            This practice however is usually against the intention of most financial institution in Nigeria because of harsh picture it points such an establishment in the eyes of the society.

PROJECT TOPIC- MORTGAGE ARRANGEMENT IN DEPRESSED ECONOMY

1.2      STATEMENT OF PROBLEM

This research is intended to look into problems facing mortgage banks such as:

Development problems like unemployment, low production and high rate of business failure. Governmental policies and economic factors which discourages the emerency of vibrant mortgage bankk.

            Default by mortgagor’s in paying back the loan they borrowed from mortagage banks. Inflation in economy and high cost of construction.

Problem of uncondusive working environment for the development of mortagage bank.

1.3      OBJECTIVES OF THE STUDY

The objective of this study is to ascertain how to arrange mortagage banks in a depressed economy. Other objectives include:

(i)        To find out the causes of unemployment and causes of high rate business failure.

(ii)       To find out how government policies discourages the emergency of vibrant mortagage bank.

(iii)      To know why mortagagor’s defaults in paying back the loan and plot strategies to use to recover unpaid loans.

(iv)      To know the causes of inflation in an economy.

(v)       Ofter suggestions aimed to help mortagage banks in finding a condusive working environment.

1.4      RESEARCH QUESTIONS

  1. i) What is unemployment and causes of unemployment?
  2. ii) How do government policies effect the emergency of vibrant mortagage bank ?

iii)        Why do mortagagor’s default?

  1. iv) What is inflation and caues of inflation
  2. v) Give suggestions on how mortagage banks can create a condusive working environmemt.

1.5      SCOPE OF THE STUDY

PROJECT TOPIC- MORTGAGE ARRANGEMENT IN DEPRESSED ECONOMY

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