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the policy of housing through different firms. Those companies were in charge of increasing housing stocks. Those tasks were given to the National Housing Authority (NHA), the Zambia State Insurance, the Zambia National Building Society and Zambia National Provident Fund (ZNPF).

Institutions houses were build by those companies in which their employees should rent. Rostow (1960: 67) pointed out that NHA was allowed to build houses specifically for selling and letting out to the public. This in itself represented a shift in the general policy from encouraging homeownership to allowing renting from parastatal firms. The responsibility of housing financing from local authorities was removed in 1970’s by the government.

2.4.3 The role of the Government Housing Bank in Thailand

The Government Housing Bank was established in Thailand in 1953. Its major functions were intended to be the mobilization of funds for on-lending, land subdivision and the construction of houses for sale to the public. However, the bank was forced to be a developer due to a lack of alternatives. In 1972, the National Housing Authority was established to take on this role (among other activities) and this enabled the bank to focus on finance. [17] During the 1990s, the Government Housing Bank expanded its retail lending, and between 1990 and 1994 the number of retail branches grew from 10 to 100.

Growth continued during the 1990s, and by mid 2002 the bank had 30 main branches in Bangkok, 30 main branches elsewhere and 43 sub-branches. Between 1987 and 1997, the mortgage market had expanded rapidly. [18] In 1988, annual new home loan origination by all financial institutions in Thailand was 40 million baht; but during the mid 1990s it reached over 200,000 million baht. However, the situation became particularly difficult during the financial disasters of the late 1990s, when there was a crisis of confidence in financial institutions and several collapsed. The housing market went into a slump, in part because there was a significant oversupply as a result of speculative building.

In 1994, there were 253,000 new housing units offered in the Bangkok Metropolitan Region; by 1998, this had fallen to 1000, rising to 6000 in 2001. The total number of home mortgages outstanding in Thailand had risen to a peak of 794,000 in 1997.The consequence of a speculative market and falling prices resulted in a rapid rise in non-performing loans. In 1997, the ratio of non-performing loans reached more than 30 per cent (although by the end of 2001 it had fallen back to about 23 per cent).

By June 2002, the Government Housing Bank had a non-performing loan ratio of 17.4 per cent, still considered to be too high. As a result of the crises of the late 1990s, commercial firms tended to withdraw from the market and reduce their lending. However, the bank sought to stimulate new developments. The mortgage rate was kept low for low- and lower middle-income groups. Its share of the market in outstanding home loans increased from about 20 per cent during the early 1990s to almost 40 per cent by the first years of the new millennium. [19]

By the end of March 2002, the bank had outstanding home loans totaling about 280,000 million baht and was servicing 700,000 borrowers. The Government Housing Bank has sought to offer low interest rates due to efficiency and a desire for growth, and in order to a