The critical review of the effect of global financial crisis on mortgage financing in Nigeria was looked upon the risk of global recessive has lighted significantly and vitality pf housing prices the objective of this study is to examine critically the relevance of financial crisis on mortgage finance housing. There is shortage of adequate finance facilities in Nigeria. The development of mortgage finance system in Nigeria were looked into the methodology used in this research work is primary and secondary data which included government and interview. The facts derived from their responses were tested. The researcher reached a conclusion that reason for the negative impacts of financial crisis were attributed to reduction in availability of capital risk. Shortage of fund supply to housing sector in Nigeria. In view of the above a recommendation was received that the government and central bank of Nigeria CBN should inject more funds to housing sectors.