Mortgage relief still on government agenda

As of Tuesday, March 8, 2016

Prime Minister Perry Christie.

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

DURING his mid-year budget communication yesterday, Prime Minister Perry Christie said his government is a step closer toward providing long-promised mortgage relief to Bahamians.

“The government has held considerable discussion with clearing banks on mortgage relief and an associated memorandum of understanding,” Mr Christie said in the House of Assembly.

“The required steps will now be taken to move forward with the legislation currently before the House of Assembly, as well as to introduce a new mortgage policy initiative which together should set the framework for meaningful mortgage relief in The Bahamas. This would not preclude any of the clearing banks from pursuing on a unilateral basis their own mortgage relief initiatives.”

Providing mortgage relief was a major tenant of the Progressive Liberal Party’s (PLP) 2012 Charter for Governance. Ahead of the May 2012 general election, the PLP campaigned that it had a plan to give relief to thousands of struggling homeowners facing foreclosure.

However, once the party was elected to office the plan fizzled.

The Christie administration introduced a mortgage relief plan in late 2012. At the time, 4,000 homeowners were in mortgage payment arrears and that year, State Minister for Finance Michael Halkitis said around 1,000 people would likely qualify for assistance under the plan.

However, in May 2013, Mr Christie told the House of Assembly he expected “four or five” homeowners to benefit from the scheme.

In responding to Mr Christie’s communication, Free National Movement (FNM) Deputy Leader Peter Turnquest said he is sceptical of whether the government’s mortgage relief plan will ever help Bahamians.

“We’ve been talking about mortgage relief for four years with no proposal put forward,” he said. “What’s been talked about today is more of the same. Those who can already afford to make arrangements with their private lending institutions will benefit and those who find themselves under or unemployed will continue to lose their homes. Of note is that the Bahamas Mortgage Corporation (BMC), an agency controlled by the government, is also foreclosing on mortgages. If there is to be any assistance given, one would expect that the Bahamas Mortgage Corporation would be the first place we would see evidence of relief.”

More like this story

GrassRoot 8 years, 8 months ago

there are many things that are still on the Governments agenda....

sheeprunner12 8 years, 8 months ago

Sooooooooooo, will the government now pay off all "distressed mortgages" for their cronies like they did with BOB and CLICO???????? ......... I feel so sorry for the City Market people

SP 8 years, 8 months ago

.......... PM Christie Officially Kick Off Smoke And Mirror Re-election Campaign ........

Let's not forget Perry Christie's words to Andre Rollins, "I have five years to get things done."

After four years of holding back progress, how convenient is it that going into 2017 election campaign mode crafty Christie suddenly announce's solutions to the Clico and mortgage relief issues?

As suggested by Dr. Rollins, this dithering geriatric double-dealing dinosaur could have resolved these issues long ago. Instead unscrupulous Christie choose to hold back to use these important issues as political currency going into the 2017 general election!

We can expect to see several more "marvels and wonderful feats of accomplishment" in coming Months as this duplicitous, disingenuous, sorry excuse for a Bahamian attempt to persuade the electorate that he is "the man" to lead the country.

This feeble transparent smoke and mirror Christie shuffle will backfire, as Bahamians are not as stupid as Christie have led himself to believe.

He will be condemned for playing political games with peoples lives!

Too little too late and too obvious!
http://tribune242.com/users/photos/2015…

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