The World Bank has agreed to lend Brazil $502 million in order to help the latter reform its housing sector. The Brazilian government is currently working on improving its housing policies so as to enable the people to easily obtain their own homes. Lately, it legalized mortgage bonds, which permit pooling and later reselling of mortgages in secondary markets. According to Vinod Thomas, the World Bank's country director for Brazil, "shelter for the poor remains a crucial part of Brazil's agenda for socio-economic progress." He said that "the government's commitment in this respect is reflected by its program for the provision of low-income housing and the development of a housing market." Brazil needs to repay the loan in the next 17 years.
Source: World Bank Makes $502M Housing Reform Loan To Brazil (Dow Jones)
