Mortgage Banking Association of Nigeria Housing Finance & Exhibition Lagos, Nigeria November 17-18, 2011

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1 Mortgage Banking Association of Nigeria Housing Finance & Exhibition Lagos, Nigeria November 17-18, 2011 Secondary Mortgage Market Models Post Crisis Mortgage Liquidity Facilities Rished Bade Chief Executive Officer Tanzania Mortgage Refinance Co. Bank of Tanzania Middle Building Room 217 P.O Box 7539 Tel /61

2 A specialized financial institution offering medium to long term refinancing against a pool of mortgages/assets as security Typically refinance for 3-10 years Usually banks use this facility to supplement their own short term deposits Often obtain funds by issuing simple bonds Banks do issue bonds, LF must therefore be able to issue at cheaper and faster rate Act as centralized bond issuer for banks Often state sponsored but not state owned Usually do not carry credit/interest risk hence passing back the benefit via low interest rates

3 Not a State housing bank Not a risk taker Solely deals with liquidity Not credit nor interest rate risk Not a vehicle for subsidy Does not engaged in mortgage origination Not a securitization conduit Though could transform into one when fully matured

4 Encourage longer terms for loans Encourage more lending Encourage competition Encourage better assets/liability management Encourage bond market development

5 Full securitization without recourse Securitization with recourse Covered Bonds Liquidity guarantees

6 Very few banks provides mortgage products to a limited number of clients This is attributed to the following: Absence of Housing Finance/Banks after THB collapse Unfriendly land laws Absence of Real Estate Developers Lack of long term funding by banks to facilitate the provision of mortgage products Mortgage debt/gdp $ GDP/Head TANZANIA 0.30% 392 NIGERIA 0.50% 944 UGANDA 1.00% 382 SENEGAL 2.00% 941 GHANA 3.90% 749 NAMIBIA 20.00% 3,502 SOUTH AFRICA As a result, Tanzania is one of the countries with the lowest mortgage/gdp ratio 34.00% 6,185

7 With IDA/WB support, GoT established Housing Finance Project (HFP), which led to; Enactment of Mortgage Finance Act in 2008 Enactment of Condominium Law in 2009 Creation of Tanzania Mortgage Refinance Company (TMRC) in 2010

8 Tanzania Mortgage Refinance Company Limited (TMRC) is a mortgage liquidity facility (MLF) created as a private sector institution owned by the banks with sole purpose of supporting banks to do mortgage lending by refinancing banks mortgage portfolios

9 TMRC Loan agreement Cash Partner banks Cash Securities Mortgage loans Collateral Investors Borrower Dwelling

10 Credit Lines (BOT) Corporate Bond Market TMRC TMRC is 100% owned by member banks Mortgage Lenders

11 Allows for greater competition in the mortgage market Key ingredient in growing mortgage market in an underserved economy Acts as a force for standardization in the market, pushing Member banks to adhere to best practice Acts as an intermediate step on the path to a full secondary mortgage market Acts to deepen the financial market more generally by providing a long term investment to institutions with long term liabilities Can be a tool for delivering policy objectives such as the promotion of affordable housing or the promotion of local currency lending

12 Raising sufficient capital Competitiveness Passing the efficiency to member banks Government Sponsorship is key Govt to spearhead creation of conducive laws and regulations Partnership with property developers Conducive Macro Economic Environment Flexibility and Support from Regulators

13 Capital raised so far USD 6.5m required USD 10m Balancing competitiveness vs sustainability Suitable margin to breakeven (TMRC 75bp) Government Support/Not? Introduction of Value Added Tax (VAT) on sale of properties Lack of legal legislation supporting secondary mortgage market instruments Bureaucracy embedded with Govt/Donor Support Dearth of supply of housing units Private developers avoiding mid-income housing schemes due to lack of mortgage schemes Banks delaying roll out of mortgage products due to lack of housing supply Which one should start first? Volatile Interest Rate Environment Very common in African Markets In the last twelve months, interest rates moved from 5% to 16% (wholesale) In the retail market, rates moved from 16% to 25%

14 About TMRC Established in 2010 with the following shareholding structure: - Authorized Capital TZS 30 bn (Equivalent to USD 18.75m) Paid Up Capital as of 15 May 2012 TZS 10.45bn (USD 6.5m) 100% owned by 11 commercial Banks Became fully operational November 2011 with 9 staff compliments Disbursed 1 st loan Mid November 2011 Disbursed 2 nd loan May 2, 2012 Total Disbursement USD 2.7m equivalent Member banks started launching mortgage products Member banks signed MoU with property developers such as National Housing Corporations TMRC refinances loan portfolio with minimum of TZS 1bn (USD 0.6m) with at least 10 loans in a portfolio. Refinancing is with full recourse to the borrower (who must be bank or financial institutions licensed by Bank of Tanzania and has invested a minimum of TZS 500mn (USD 0.3m) in TMRC)

15 Examples of Other MLFs Jordan Mortgage Refinance Company Established in The shareholders of JMRC are Government Institutions Central Bank of Jordan 18% Social Security Corporation (SSC) 10% Housing & Urban Development Corporation (HUDC) 10% Private Sector Institutions 62% comprising 12 banks and 1 finance company Egyptian Mortgage Refinance Company Established in 2006 The shareholders of EMRC are Government Institutions Central Bank of Egypt 16.6% National Finance Guarantee and Subsidy Fund 1.66% National Bank of Egypt 8.3% International Finance Company (IFC) 7.92% Other lending institutions 65.52% JMRC refinances mortgage portfolios with recourse, over collateralization 120% EMRC refinances mortgage portfolios with recourse, over collateralization 125%

16 Examples of Other MLFs Malaysia: CAGAMAS Established in 1987 with the following shareholding structure: - Central Bank of Malaysia (Bank Negara Malaysia) 20% Lending Institutions 80% France: Caisse de Refinancement Hypothecaire (CRH) CAGAMAS purchases mortgage portfolios with/without recourse, over collateralization 125% Established by French Government in 1985 and later taken over by borrowing institutions through subscription of capital during borrowing. CRH refinances mortgage bonds with recourse, over collateralization 125%+ guarantee

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