Categorized | National News

Halkitis Touts Mortgage Relief Success

State Minister of Finance Michael Halkitis this week touted the success of the government’s new Mortgage Relief plan.
In Parliament on Wednesday, the state minister revealed that of February 2017, six banks have been active in the programme.

“We have 44 individuals enrolled among the six banks that are participating. Those are individuals who either had their loans restructured, or are in the process of having those loans restructured,” said Mr. Halkitis.

“We think that this has been a much more successful programme,” he said.
Meantime, the state minister also noted that a related office is being established in Grand Bahama.
“We have established the office in Grand Bahama. We expect it to be up and running very soon. We’ve had a time frame of six months which would have expired in February. We are right now considering an extension of the programme particularly to help those individuals in Grand Bahama who have been hardest hit, and as well those individuals who may not have known about the programme and may still want to apply in Grand Bahama,” he said.
Mr. Halkitis also sought to highlight what he believes is evidence of the mortgage plan’s success.
“Clients in far flung cays in The Bahamas have been able to restructure and remain on their properties. Clients whose employers have advised temporary closures of the business have been given wagers so that they can retain their properties,” said Mr. Halkitis.

“Clients suddenly faced with reduced income owed to sickness, unemployment, death, divorce, abandonment have been restructured. Clients have been allowed to convert their property to income producers or from a single family into a rental property,” he said.
“Clients who have already been charged with Supreme Court summonses, their debt have been restructured,” he added.
The current mortgage relief programme is the government’s second attempt since it came into office in 2012.
The first programme was unsuccessful, as it only assisted less than 10 families.
Meanwhile, Mr. Halkitis has noted that the government has remained steadfast by not wavering in this regard.
Last week, the Home Owners Protection Bill was tabled in the House of Assembly.
At the time Mr. Halkitis said the bill is a step forward in the mortgage industry, and a comprehensive response to the country’s mortgage crisis.


Written by Jones Bahamas

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