Archive for August 28th, 2010

More banks join government mortgage scheme

| 28/08/2010 | 27 Comments

(CNS): Two more local high street banks have joined the government’s mortgage guarantee programme to enable more Caymanians to access mortgages. Butterfield and FirstCaribbean International banks will each offer an additional $5 million sum for home loans to local people who can afford a mortgage but cannot find the 25% cash to put down with the bank. The deal with the two banks was signed on Wednesday bringing the total of retail banks supporting the initiative to six. Since its inception the Government Guaranteed Home Assisted Mortgage (GGHAM) programme has helped 269 people get their own homes.

Butterfield and FirstCaribbean International had previously committed $10 million each which has already been disbursed but the extra five million will help assist more families.
In existence since 2007, the GGHAM assists Caymanians who qualify for traditional commercial bank mortgages, but who are unable to accumulate the required five to twenty percent deposit. Government guarantees 35 percent of the total mortgage enabling clients to access a loan without having to find the usual down payment. The banks then grant mortgages based on both the guarantees and the client’s eligibility. Customers must remain in good standing with their banks to retain their guarantees.
In addition to Butterfield and FirstCaribbean, GGHAM currently has agreements with Cayman National; Fidelity Bank (Cayman) Ltd; Royal Bank of Canada and Scotiabank & Trust (Cayman) Ltd.
Mike Adam, the minister with responsibility for housing applauded the banks which have already approved some $47.5 million in loans to the 269 recipients. “These are impressive figures and we hope to see them expand even further as the programme continues to grow,” he said.

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Masked men mug woman

| 28/08/2010 | 79 Comments

(CNS): A woman was robbed on the street this morning (Saturday) at around 6 o’clock by two armed masked men. Bodden Town detectives are appealing for witnesses to the armed robbery that took place on West Lane in the Pedro Castle area of Savannah. The men, who were armed with a handgun and a knife, approached the victim as she was leaving her place of work. They demanded her handbag, took it from her and removed an undetermined sum of money. Police said they do not know if the robbers left the scene on foot or in a vehicle. One suspect is described as 5’ 6” tall and stocky, the other about 5’ 10” and slim built. They both spoke with a Caymanian accent and were wearing dark clothes. (Photo Dennie WarrenJr)

No shots were fired and the female victim did not receive any injuries.

Anyone who was in the area at the time and might have witnessed the men leaving the scene are asked to call the Bodden Town CID at 947 2220, George Town police station at 949 4222 or Crime Stoppers at 800 TIPS (8477)

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