The Governments of Anguilla, Antigua and Barbuda, The Commonwealth of Dominica, Grenada, Montserrat, St. Kitts-Nevis, St. Lucia and St. Vincent and the Grenadines signed an agreement on 27 May 1994, to establish the Eastern Caribbean Home Mortgage Bank (hereinafter referred to as the “the Bank”). The Eastern Caribbean Home Mortgage Bank was formally established on 19 August 1994, in accordance with Article 40 of the Eastern Caribbean Home Mortgage Bank Agreement, which was incorporated in the Eastern Caribbean Home Mortgage Bank Agreement Act, and subsequently passed in the member territories. The primary office of the Bank is located at Bird Rock, Basseterre, St. Kitts and Nevis.
The Bank began its life as a corporation with Shareholder capital of EC$10 million, with the Eastern Caribbean Central Bank (ECCB) as its biggest shareholder. Today, ECHMB has grown from a pioneering institution into a formidable business in the secondary mortgage market. The Bank as a pioneer institution has been a vital element in the process of development for the OECS countries in that by its modest success to date, it has not only been able to pay dividends to its shareholders, but has also vindicated the concept and principle of collective regional efforts as a more sustainable solution to our problems in certain areas than purely insular efforts.
The purposes of the Bank are-
* to develop and maintain a secondary market for residential mortgages in the
* to contribute to the mobilisation and allocation of long-term savings for
investment in housing;
* to support the development of a system of housing finance and provide leadership in the housing and home finance industry;
* to promote the growth and development of the money and capital market;
* to improve underwriting practices and efficiency in processing mortgages and to promote services and benefits related to such mortgages.
The principal activity of the Bank is to buy and sell mortgage loans on residential properties, in order to develop and maintain a secondary market in mortgages. The objects of the Bank are as follows:
* to promote and maintain the availability of affordable home financing and to
assist primary lenders to promote and maintain the availability affordable home financing in the territories of the participating Government;
* to establish and maintain an organised regional secondary market for mortgages in the form of a Common Home Mortgage Bank to increase the availability of mortgage credit and provide liquidity and flexibility to primary lenders in the territories of the participating Governments;
* to promote and increase the efficient mobilisation and allocation of long-term savings for investment in housing and to further the economic development of the territories of the participating Governments;
* to develop the housing and home finance industry and to promote services and benefits to industry by improving the efficiency and effectiveness of the mortgage underwriting process; and
* to promote the growth and development of the money and capital markets and to enhance the monetary integration of the territories of the participating - Governments.
The Bank aspire to be the principal financial intermediary for providing affordable and sustainable sources of housing finance to Primary Lenders operating within the Member States and that its securities are investments of choice on the regional capital market. The Bank’s value and beliefs are as follows:-
* The Bank offers its Primary Lenders and Investors timeliness, consistency, value for money, recognising that Primary Lenders and Investors are the focus of its business.
* The Bank’s shareholders are critical partners in shaping its success, and the Bank will operate a profitable business that maximises value to shareholders.
* The Bank recognises the need to develop strategic alliances with local, regional and international partners to ensure mutually beneficial returns in all its business endeavours
* The Bank’s relationship will be professional, courteous, and responsive.
* The Bank will be seen as ethical in all its dealings.
* The Bank believes that employees are an important asset, critical to the development and execution of it Strategic Plan and it is the Bank’s responsibility to nurture their professional growth.