John2

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bogart 7 years, 1 month ago on Sir Franklyn: Homeowner Protect Act 'a real disaster'

Sir Franklyn: Homeowner Protect Act 'a real disaster'

Apart from the view of one wealthy and shrewd buyer or sellers of foreclosed homes there should be the view of the poor helpless and downtrodden.

Huge loan targets are given for local bankers to meet to get a satisfactory salary increase.

Despite over 4,000 mortgage accounts were in default for some one billion dollars in loans no investigation by any govt was ever carried out. 4,000 accounts are usually joint with 2 persons, husband and wife means 8,000 Bahamiana, usually there are 2 kids or more in a house, means 16,000 Bahamians. Parents,sick,physically handicapped,family members might add for total 20,000 Bahamians

When there is a default the is noone to turn to for help. Lawyers want fees and will say there is a conflict suing the hand that feeds them. If the loan officer had given a loan in error noone listens. If the contractor had messed up you still have to pay the loan payment. If the loan officer had left out some financial information to get the loan approved to meet their target noone cares, if the loan officer did not do a good analysis to make sure that if qualified to pay the loan the customer MUST also be able to pay bills and live was not done there is noone to complain to.

SO WHY SHOULD THERE BE ANYONE WANTING TO JUST BUY THE MORTGAGE CUSTOMER HOME WITHOUT ANY PROTECTIONS AFFORDED TO GRASSROOT OR ANY OTHER BAHAMIAN. SIMPLE DO NOT GIVE A LOAN IF YOU DO NOT WANT TO HELP THEM.

On the appraiser,banks who have been in business for a long time have a select list of qualified appraisers who are certified by reputable schools. On the matter of everyone being related one will note that there is distinctly not so, as Sands are generally fron Rock Sound, Coopers from Abaco,, Knowles, Ritchie, Mortimer, Long Island...........people are not all related.

Finally some fairness after decades. Investigations are needed not talk. The govt needs to talk to the poor people not the wealthy persons wanting to buy repossessed homes or the Bank Senior Officials. Banks will also have Court Judgments lodged against you for ever and never lose as they have all the money to hire the best lawyers and appeal and appeal and have you pay for losing. JAIL TIME FOR BANKERS WHO DO WRONG.....if a tief can go to jail for tiefing a can of sardine then a banker who mess you ip on a 100,000 mortgage should go to jail. FAIRNESS AND JUSTICE IS NEEDED FOR THE MAJORITY POOR AND AVERAGE AT ALL TIMES, NOT 2 WEEKS BEFORE ELECTION. THE RICH ALWAYS TAKE CARE OF THEMSELVES.