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wukan
#31 Posted : Monday, April 16, 2018 11:08:09 AM
Rank: Veteran

Joined: 11/13/2015
Posts: 1,657
Fyatu wrote:
KulaRaha wrote:
The big 4 are the big dishes on the kula yote menu...nothing will happen, and if it does it will be so poorly executed it will be as good as nothing




I concur with you. They told Kenyans that they will build 8,000 low cost houses in Mavoko. Instead of starting to work on the site(atleast clearing bushes or putting up a fence on the proposed land), they have started a mortgage bank to lend people money to buy houses from i don't know where. How dumb can a government be?? or is it a decoy to steal money from taxpayers?

As an ordinary Joe with an average education, i expected the government to start building works chap chap. Build the houses and then give Mwanachi the morgage to purchase things(houses) that exist...not start a morgage firm and force mwananchi to buy houses from landlords who stole public land during Kenyatta and Moi error


It's not a mortgage bank it's a mortgage refinance company which is like the Fannie Mac and Fannie Mae in the US. They will buy out loans/mortgages from saccos and banks(enabling the banks/saccos issue more loans) repackage them into 30+ year bonds which can then be bought by pension schemes. This is more of world bank prescription but it's a good model which has worked in other countries. You must first work on the finance model before starting to deliver the houses because the mortgage refinance company will leverage the capital of 30 billion. Building the houses is the easier part the chinese are very good at this but offloading the built flats is usually where the challenge is.

HFCK used to be mortgage bank owned by GoK which enabled lots of civil servants own houses including the buru buru estate. But HFCK failed to scale up because it couldn't access long term capital it needed to match the mortgage maturity. It even converted into a bank to attract more deposits.
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Fyatu
#32 Posted : Monday, April 16, 2018 11:49:36 AM
Rank: Veteran

Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
wukan wrote:
Fyatu wrote:
KulaRaha wrote:
The big 4 are the big dishes on the kula yote menu...nothing will happen, and if it does it will be so poorly executed it will be as good as nothing




I concur with you. They told Kenyans that they will build 8,000 low cost houses in Mavoko. Instead of starting to work on the site(atleast clearing bushes or putting up a fence on the proposed land), they have started a mortgage bank to lend people money to buy houses from i don't know where. How dumb can a government be?? or is it a decoy to steal money from taxpayers?

As an ordinary Joe with an average education, i expected the government to start building works chap chap. Build the houses and then give Mwanachi the morgage to purchase things(houses) that exist...not start a morgage firm and force mwananchi to buy houses from landlords who stole public land during Kenyatta and Moi error


It's not a mortgage bank it's a mortgage refinance company which is like the Fannie Mac and Fannie Mae in the US. They will buy out loans/mortgages from saccos and banks(enabling the banks/saccos issue more loans) repackage them into 30+ year bonds which can then be bought by pension schemes. This is more of world bank prescription but it's a good model which has worked in other countries. You must first work on the finance model before starting to deliver the houses because the mortgage refinance company will leverage the capital of 30 billion. Building the houses is the easier part the chinese are very good at this but offloading the built flats is usually where the challenge is.

HFCK used to be mortgage bank owned by GoK which enabled lots of civil servants own houses including the buru buru estate. But HFCK failed to scale up because it couldn't access long term capital it needed to match the mortgage maturity. It even converted into a bank to attract more deposits.


Thanks for educating me brother. I am very pessimistic of anything Kenyan government does due to the extended history of pilferage and plunder of taxpayers money
Dumb money becomes dumb only when it listens to smart money
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KulaRaha
#33 Posted : Monday, April 16, 2018 12:43:44 PM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
It will be pilfered nonetheless.

Singh will be the guy to kula top layer...then the royal family will eat, crumbs to tribesmen.

Nothing will be delivered.

But guys will buy new Bentleys so Wazuans can call them smart businessmen like Kirubi.

LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL
Business opportunities are like buses,there's always another one coming
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  | | Edit by user: Monday, April 16, 2018 12:44 PM | Reason: Not specified
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