Extraordinarily significant is what Prime Minister Perry Christie says the role of his administrations recently revamped Mortgage Relief Program means to the Bahamian population at large.
The government is hoping that the second time around of the program’s implimentation is more fruitful than it was when first introduced several years ago.
At that time a small fraction of struggling Bahamian homeowners were assisted.
Prime Minister Christie said a major component of the revamped plan will be several pieces of legislation.
“Another element of the program will be the introduction of a new homeowner’s protection bill in The House of Assembly along with members of the financial and corporate services act and propagation for rules for money lending under the act,” Mr. Christie said.
“This compendium of legislation will introduce for the first time in The Bahamas clear rules around the entire mortgage process, from mortgage origination to foreclosures.”
This bill is expected to also discourage irresponsible practices which have contributed to the mortgage crisis in the country.
Before moving ahead with the revised homeowner’s protection bill in parliament, the government intends to consult with Marco City Member of Parliament (MP), Progressive Liberal Party (PLP) defector and now United People’s Movement (UPM) leader Greg Moss.
The government’s figures show that under the revamped relief plan, hundreds of delinquent homeowners have already been assisted, a number Mr. Christie said he expects to increase.
“One facet is affordability program which to date has assisted over 350 Bahamians reducing their monthly payments and make their homes which was previously unaffordable affordable through a reduction of monthly payments by 25 percent.”
Mr. Christie’s comments came while bringing the keynote address at the 26th Bahamas Business Outlook seminar on Monday.
