Saudi Arabia’s mortgage law will be submitted to King Abdullah for approval after the Shura Council completes its discussions next week, according to a senior member of the Council. The country has never had legislation covering mortgage and property finance and the law will regulate the use of mortgages, including registration and providing court authority over their use.
Most Popular Articles
The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.
The statement asks the government to provide the “final piece of the puzzle” – a liquidity facility for single-family and multifamily servicers.