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Uhuru launches mortgage company for cheap homes In Summary The initiative is aimed at reaching the goal of adequate, safe and affordable housing for all, especially the lower income group.
Treasury sets up financier for Uhuru’s low-cost home loans plan. as the Kenya Mortgage Refinance Company (KMRC), will be incorporated by end of this month and will start raising capital ahead.
Conservatives often criticize Freddie Mac and sister firm Fannie Mae for exacerbating the 2008 financial crisis by fueling excessively cheap mortgages with their implicit. government policy to.
Uhuru noted South Africa, as an example, boasts of a mortgage sector accounting for 31% of its GDP. "We expect the refinance company to significantly contribute to the development of the housing finance market in Kenya.by increasing the number of mortgages from the current 26,000 to over 60,000 by the year 2022," he said.
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