PAASO MODEL: A Tool Kit for Appraising Mortgage Finance Experience in Nigeria
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The Lagos Journal of Environmental Studies. Faculty of Environmental Science, University of Lagos. Lagos-Nigeria.
The importance of mortgage as a bedrock of economic development has been documented by researchers. Mortgage in the 21st century is a major indicator of level of development in any economy. The level of effectiveness of mortgage finance varies from one country to another. Where there is a robust mortgage system, an average citizen often has access to affordable housing and where there is none, there is always accessibility constraint to standard housing. Most researchers have always measured mortgage effectiveness from the view point of developed economics. Unfortunately in developed economics, mortgage finance has become sophisticated and Information Technology driven. The study evaluated the effectiveness of mortgage finance among major stakeholders that is Corporate Developers, Individual Developers and Primary Mortgage Institutions (PMIs). The study revealed that mortgage finance in Nigeria is neither effective nor accessible and laden with operational difficulties. The model provided a uniform evaluation criterion which if properly applied will help identify bottlenecks and create a platform for robust mortgage finance in Nigeria. The paper proposed PAASO model as an evaluation model for mortgage finance effectiveness in Nigeria.
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Nubi, T.G. & M.M. Omirin (2010). PAASO MODEL: A Tool Kit for Appraising Mortgage Finance Experience in Nigeria. The Lagos Journal of Environmental Studies. Faculty of Environmental Science, University of Lagos. Lagos-Nigeria.