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The Jamaica Mortgage
Bank was established on June 2, 1971, as a private limited liability
company under the Companies Act of 1965 with an authorized share
capital of $5 million.
On June 5, 1973, under Act of
Parliament No. 16 of 1973, the Bank was converted into a Statutory
Corporation. The authorized, issued and fully paid-up share capital of
the Bank is at present $100 million.
The main functions of the bank are:
- The mobilization of loan funds for
on-lending to public and private sector housing developers and to
other lending institutions;
- The operation of a secondary
mortgage market facility;
- The provision of Mortgage Insurance
services as set out in the Mortgage Insurance Law No. 26 of 1960,
whereby inter alia loans which are made to purchasers of
residential dwellings are insured.
In order to increase its scope of
activities the JMB may carry out the following functions:
- Guarantee loans made from private
investment sources for building development;
- Sell investments of whatever kind
belonging to the Bank as and when appropriate;
- Lend money on security to be used
for the construction of premises for private residential purpose
or of a commercial or industrial nature;
- Lend money on mortgage and carry out
any other transactions involving mortgages;
- Furnish financial advice and provide
or assist in obtaining managerial technical and administrative
services for persons engaged in building development in Jamaica.
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