Jamaica Mortage Bank

NAME OF FEATURE | THE GLEANER | SUNDAY, JUNE 6, 2021 5 THE VISION to establish the Jamaica Mortgage Bank (JMB) 50 years ago hasproven tobeanexcellent decision. The JMB was seeded with $5 million in 1971 to primarily carry out a man- date of providing short-term funding to the construction sector and par- ticularly to facilitate homeownership for Jamaicans. Subsequently, the JMB was called upon to administer one of the most creative housing products, the mortgage indemnity insurance (MII) plan, established by the MII Act, in the 1970s. What the Government proba- bly did not envision, is the extent to which the JMB would impact nation-building within the first 50 years. More than 100 housing pro- jects and several billions of dollars of funding later, the JMB has facilitated homeownership for Jamaicans from Morant Point to Negril and, conse- quently, contributed to the growth of the Jamaican economy, while carrying out that simple mandate. The JMB is one of those gov- ernment institutions of which all Jamaicans can be proud, especially considering how it was able to accomplish its housing mandate, as evidenced by the governance framework being recognised by the Public Bodies Corporate Governance Awards Committee for four consecu- tive years, since its inception. As the JMB transforms itself for the next 50 years, we are confident that with the legacy already estab- lished and the board, management and staff employed, it will continue to make Jamaica proud as it con- tributes to homeownership and, by extension, the wealth creation of ordinary Jamaicans and, most im- portant, the economic development of our beloved country. Let me extend my personal grat- itude to the hard-working team of the JMB and to all ministers, ministry personnel, board directors, develop- ers, professionals, advisers and other stakeholders who have supported or served this august statutory public body. Finally, on behalf of the current board of directors, we wish the JMB 50 more years of excellence. MICHAEL SHAW Chairman JAMAICA MORTGAGE BANK 50TH ANNIVERSARY +(5( 6 72 025( <($56 2) (;&(//(1&( THE JAMAICA Mortgage Bank (the Bank, or JMB) was established on June 2, 1971, as a private liability company. On June 5, 1973, an act of Parliament converted the Bank to a statutory corporation. In the past 50 years, the JMB has exceeded its mandate, especially in the housing finance space, while at the same time contributing to nation-building. During the 1970s, the Bank fo- cused on the buildout of Portmore with its funding of projects such as Garveymeade, Braeton, Marine Park, Passage Fort and others. In the mid-80s and early ‘90s, the Bank partnered with the Caribbean Housing Corporation to fund housing solutions across Jamaica, while continuing the buildout of Portmore, including issuance of re- tail mortgages linked with the mort- gage indemnity insurance (MII). It spread its wings to other areas of the island, especially in the north and west, with projects such as Llandilo –Westmoreland, Catherine Hall – St James, Hague – Trelawny, Moneague and Mansfield Park – St Ann, and Rio Bueno in St Mary. In the 2000s, although the Bank continued its project financing pro- gramme with significant develop- ment projects such as Monte Cristo, La Ventura and Long Mountain Country Club in St Andrew and Angels Plaza in St Catherine, the Bank experienced some setbacks with the high level of delinquency, exacerbated by the global eco- nomic fallout of 2008. The recovery of the 2008 financial crisis also saw increased competi- tion in the primary financing space 6,1&(5( *5$7,78'( )25 <($56 2) 6833257 PLEASE SEE SINCERE , 6