Mortgage crisis to hit Ethiopia

The housing market bubble in Ethiopia is about to burst as mortgage holders, including many of those in the Diaspora, fail to make payments to the Commercial Bank of Ethiopia (CBE), an investigation by the Ethiopian Review Intelligence Unit reveals. CBC is now sitting on over 200 billion birr unpaid principal balance. The Woyanne junta has recently ordered the banks not to foreclose any house until after the election in May 2010… details later