Brazil builds up to a mortgage boom
Until 2006, only a few banks had seriously looked at the mortgage market; instead it was the private developers that were the main players beyond state-owned Caixa Econômica Federal (CEF). Developers are involved in more than buying and developing land. They have also had a hand in mortgage lending.
These days developers have turned their efforts to the housing shortage affecting Brazil’s large population of low-income families. “Demand for mortgages from low-income borrowers constitutes one of the major opportunities,” says Renato Steiner, head of personal financial services at HSBC.
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