USAID. MISSION TO JAMAICA
Capital assistance paper : Jamaica -- Jamaica mortgage bank
Project to develop a Jamaican financial institution which will serve as a central mortgage banking and market institution to reduce the housing deficit and strengthen the cooperative housing movement.
1971
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Abstract
The Jamaican Mortgage Bank (JMB) will act as a secondary market for residential mortgages by (1) operating as a reserve or back up organization for residential mortgage lenders through the purchase and sale of their mortgages; and (2) attracting institutional funds into home mortgages by reselling mortgages or offering obligations backed by its portfolio of mortgages. Secondary market funds may be invested in mortgages of up to $12,500. The JMB will also act as a channel of external loans and guarantees for which the advance commitment technique will be used; these funds will be reserved for the primary mortgage market, to support construction of low-cost cooperative housing (mortgages of $8,500 or less). The Government of Jamaica will own 90% of the JMB, with the Commonwealth Development Corporation (CDC) owning 10%.
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