The Tribune

FOLLOWING the collapse of the government’s “bogus” mortgage relief plan, there is still no meaningful help in sight for struggling homeowners, FNM chairman Darron Cash charged.

He said the plan, which failed to have any impact whatsoever on the 1,500 to 2,000 Bahamian mortgages in default at the time it was launched, was nothing more than an “cruel hoax” perpetrated on the Bahamian public.

Mr Cash said: “Recently, and albeit grudgingly, the government led by Prime Minister and Minister of Finance Perry Christie finally had to admit that this ill-conceived ‘plan’ was a complete failure after not being able to assist one single person.

“In addressing the tremendous public outcry about the failure of the morbid mortgage relief programme, the government’s excuse is that they relied on flawed market intelligence.

“If they are to be believed, then it is clear that the designers of that mortgage scheme brought none of their own intelligence to the policy making process and shame on the government for relying on others to shape its plan without proper vetting and testing of the assumptions made.”

The FNM said it regrets that the programme was a failure because there are still many Bahamians that need assistance and relief

However, from the date the PLP’s scheme was launched, the FNM said, it continued to tell the government and the public that it was unworkable and would not be the cure for growing foreclosures.

“Some critics in the press and elsewhere have argued that the FNM has been silent on this issue. This is grossly inaccurate,” Mr Cash said.

“For almost an entire year, leaders of the FNM have been warning the public that this could not work. Led by the former chairman of the Bahamas Mortgage Corporation Senator Duane Sands, the previous government as well as the current opposition have consistently raised the red flag on the so called plan.

“Still the PLP’s lie about mortgage relief was so attractive and repeated so often that rational voices were always drowned out.

“Today, the proof of the pudding is that there was no pudding at all and reminds us of the adage, if it is too good to be true, it probably is. There was no relief and none is in sight despite the new wave of promises from the head of the Mortgage Corporation.”