Saturday, 7 June 2008

Sub Prime in Jordan

I know that we have been saying that Frontier markets are largely unaffected by sub-prime issues. Well, we have just recieved a research report on United Arab Investors, a Jordanian Investment conglomerate. Apparently, its 51% owned 'Jordan Mortgage Insurance' subsidiary offers credit facilities jointly with the Canada Mortgage and Housing Corporation. In effect they are offering housing credit facilities to low income citizens, especially the young, to facilitate home ownership in new residential developments.

Stock price looks resilient, so perhaps Jordanian sub-prime borrows are better at paying their obligations.

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