The Tribune

By DANA SMITH

Tribune Staff Reporter

dsmith@tribunemedia.net

PRIME Minister Perry Christie admitted yesterday he is “disappointed” with the way the government’s Mortgage Relief Plan has panned out – with not a single qualified home-owner receiving assistance.

His comments came just one day after State Minister of Finance Michael Halkitis was reported as saying the plan had yet to benefit any distressed home-owner.

When the plan was introduced last September there were reportedly around 4,000 home-owners in arrears – though Mr Halkitis later said that number had been lowered to around 1,000. The government had allocated $10 million to the plan, which was a key campaign promise listed in its Charter of Governance.

According to The Tribune’s records, as of November 2012, 414 requests for assistance were received with around 139 of them fulfilling the requirements. Another 275 were still being processed.

“Yes, I am disappointed,” Mr Christie said. “We’ve had a lot of preparation leading into this, the banks have sort of made adjustments themselves to try to keep their clientèle by giving greater allowances to people who are in default. And so, I think the programme has been a catalyst for things happening in the private sector.

“But with respect to the programme itself, I had anticipated myself the 400 who are qualified for assistance would have received it from us – so I’m disappointed two-fold really.”

Mr Christie said he is planning to get “personally involved” to see what can be done, moving forward, and he is meeting with “professionals in the private sector” and bank leaders in that regard.

“Nothing can happen unless it’s done in collaboration with the banks,” the prime minister said.

“The people who were advising us and helping us prior to the elections, when we were in discussions with the bank – these are professionals in the private sector – we’re meeting with them as well as with the leaders of the banks, who we’ve discussed matters with, to see how we can advance ourselves in that regard.

“And that’s where we are. Because at the end of the day, it’s about getting people the relief and so when Mr Halkitis made the point that the banks made adjustments and many more people who are in default have saved their houses, we have to be able to thank the banks for that being done.

“What happens now will depend on the success of the consultations that are going to take place. We’ll keep everyone informed on it.”

Following Mr Halkitis’s comments the plan hasn’t helped any home-owner yet, Dr Duane Sands – former FNM senator and former Bahamas Mortgage Corporation chairman – branded the government plan, “bogus from the beginning.”

“It was never intended to be possible to implement this plan,” he said. “This was pure public relations.

“We thought this plan was bogus from the beginning and we can see now that no one was helped. It helped them get elected. A lot of people hoped this was real.”