$20K for mortgage debt

| 19/12/2011

bank-foreclosed-homes-in-jamaica.jpg(CNS): Families who face losing their homes because of mortgage arrears will be selected by a new committee under the premier’s ministry to receive assistance from the cash donated by the Dart Group. Those who are selectedwill be able to claim a $10,000 initial allowance and then money for three more mortgage payments after that, with a maximum of $20,000 per applicant. The recipients will be given up to 50 years to pay back the money under this scheme, which forms part of the first phase of the government’s deal with Dart to swap crown land and trigger the development of its new hotel. At the signing of the road deal on Thursday the developer gave government $5 milllion from a promised $20.5 million for community projects.

This first $5 milllion, which the developer handed over to government last week when it signed the deal, will be split equally between education and helping families facing mortgage arrears and who are about to lose their homes.

According to a release from Dart’s public relations company, a committee will be established to oversee the Saving Homes, Residential Mortgage Arrears Programme which will be chaired by Sonia McLaughlin, Chief Officer with responsibility for Finance in the Ministry of Finance, Tourism & Development.

Although the criteria for making an application has not yet been revealed, according to the release, this committee will assess the needs of applicants and make a decision over who will receive the award and will not. Those who are successful will received a one-time $10K allowance to help with existing arrears and then the applicants could receive more cash for up to three mortgage payments, with the total sum not exceeding $20K. This means government will be able to assist around 150 people with the Dart cash.

The developer stated that because the purpose of this programme is to assist those who are facing the loss of their homes the goal is to give those successful applicants up to 50 years to repay the funds so the government loan does not add to existing burdens of meeting monthly payments.

As part of the ForCayman Investment Alliance, which will eventually include a number of different projects, government has signed the first element. This includes swapping a 2,300 ft stretch of the West Bay Road with Dart in exchange for the construction of the Esterley Tibbetts Highway extension into West Bay and a total of $20.5 million in cash.

This first phase of the investment alliance, being referred to as the ‘NRA agreement’ does not include the renovation of the public beach, the new public beach north of the planned resort, the land donation in West Bay for a school or in the Barker’s area for the planned national park. These elements have all been cited as forming part of the West Bay Road corridor projects of the ForCayman Investment Alliance main agreement, which has not yet been finalized.

This first part of the deal allows Dart to begin renovating the former Courtyard Marriott hotel and turn the site into a beach front resort.

Category: Local News

Comments (102)

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  1. Mindy says:

    I am not understanding this scheme.

    I can claim$10K initially and then money for three more mortgage payments, totalling up to $20K to pay to the bank because I am behind in my mortgage due to unforseen circumstances (such as loss of my job).

    My mortgage is $2000.

    With the first $10,000 claim, I pay the arrears I owe (4 months @ $2000 = $8000).

    I can make another payment of $2000 (10K – 8K). 

    Then the article says I can get money for another three mortgage payments so does that mean I am then only allowed to ask for another $6K as opposed to another $10K (up to the $20K)? 

    I assume that the assumption is that by the time I pay the arrears and pay four months I would have found a job but if I haven't managed to find a job by then despite my qualifications, what then? The bank will just foreclose on my house and I will lose it anyway so I am not seeing the big picture here. Please someone help me. 

    Being the optimist that I am, I do find a job and I am given 50 years to pay this money back, what is the interest rate? Is there a penalty for default during the 50 years? I am just thinking with the current job market being so unstable, I find a job, I get laid off again after six months or a year and I am back to where I started, this time I have to pay the bank plus this money to the government. 

    Has this been thought out throughly by the government? I just want to understand what my options are. I don't want to rush in, apply for this money because it is a temporary solution and then later find out all I did was put a band aid on a gaping, bleeding wound. 

  2. Anonymous says:

    It's good to see Mrs Sonia McLaughlin being given something to do. Now can someone find something for Mr Ken Jefferson to do? That Ministry has FOUR chief officers. Half a million dollars worth of staff costs in salary alone.

  3. Anonymous says:

    How I see it, if yah can get down all the way to $20,000, then yah not "backed up". Sounds like another excuse to pay supporters off before elections.

    The people Dart need to focus on, is the CAYMANIANS who live below the poverty line. Maybe a little boost of help might make them feel better about themselves and their community and quit the lifestyle that entraps so many of them.

    FOCUS ON THE POOR DART, FOCUS ON THE POOR………EVEN THOUGH THAT'S PROBABLY A NASTY WORD TO Y'ALL.

    • Anonymous says:

      The committee to manage these funds have been wisely chosen. All members are of the highest integrity.

      It was absolutely necessary to have a banker/lender on the team and the appointment of Cora Grant was the right choice and gave the necessary balance.

      In defense of Cora, I had the pleasure of working with her a couple of years ago.

      She has around 20 years in lending total, with 15 in personal lending and 5 years lending in commercial banking where she was the VP of small business.

      In terms of lending she is very well rounded on both personal and commercial portfolios. She is a career banker who has spent aprox 25 years in banking, all with the same bank, Royal Bank.

      She is still very actively involved in lending as her role as VP Collections involve her writing/restructuring loans as before.

      She knows her stuff and was always very professional and fair. I would be surprised if she was to behave in such a manner that it would bring scandal in her family who is well respected in the community.

      • Anonymous says:

        With all due respect to Cora, NOTHING surprises me in this country anymore, and it is indeed unfortunate that I have to state in truth that I feel more comfortable with people undertaking this 'responsibility' who are NOT from West Bay and/or who may have voted for our current Gowerment. I believe it would be very revealing, again with no intentional disrespect to the members themselves, if we could know exactly how many members of this committee falls under one or both of these categories.

        • Anonymous says:

          Are you implying that simply being a West Bayer or even voting UDP would make these committee member incompetent, incapable or even dishonest?

          That's a stretch of the imagination. Can't imagine Cora Grant being able to hold on to her job at RBC for over 30 years has anything to do with her being either.

          If she is capable enough for the bank, she should be good enought to manage a measly 2.5 million US dollars no matter her place of residence or party affiliation.

          Let's forget the party politics and view each other as Caymanians who need to show more love and care for each other.

          I love what this program is trying to  do – that is, create an opportunity for people to save thier homes.

          At the end of the day, it will be up to the home owner to find a way to forestall foreclosure after they have received the assistance from the program.

          • Anonymous says:

            Did you READ my post? Let me repeat: "With all due respect to Cora", Let me repeat, "again with no intentional disrespect to the members themselves" I completely agree with 95 percent of the posters here that "what this program is trying to do" is unfairly distribute government funds that shoud in all fairness benefit ALL the Cayman people in equal measure to certain people to the benefit of certain other people.

  4. Anonymous says:

    UK if you are waiting to drop the bomb on Big Mac.  Please do it before he signs away all of Cayman.  We know you are on to him and that it is inevitable, waiting only does more harm.

    The harm he is fixing to commit us to may be irreversible if you wait too long.

    HURRY PLEASE!!!

  5. Ex:Pat-TCI says:

    Right from the Mike Missick Play Book!

  6. McCarron McLaughlin says:

    McKeeva has done the unthinkable here,  he has agreed to a contract before at least a SWOT analysis – that is the Strenghts, Weaknesses, Opportunities & Treats analysis is carried out, surely any should would realize the importance of doing the intitial ground work, before swapping such an important strategic asset.

    We can now officially call Bushy his new moniker which is Mr. Inconceivable Incompetence.

  7. Anonymous says:

    So Dart is donating money that will be "under the premier's ministry". Ignore that part about committees, this is Mac's vote-buying slush fund. If I was Caymanian I would seriously consider experiencing some "hardship" about now.

  8. Anonymous says:

    I'll take a Ferrari instead… nah, make that twooooo Ferrari's. heh heh.

  9. Anonymous says:

    I think you all are missing the point. This is not about who has a nice car, or will the money be paid back, or who's friends with who…. it about the BM and Dart about to launch a big 'we're going to do what ever we want' series of projects. The mortgage money is just some of the happy, happy money being thrown out to oil the machinery.  It's a cost of doing business; just the public cost. There's a lot more that the 99% will never even know about.

  10. Anonymous says:

    This is really not going to change things all that much Cayman. Half of West Bay is ALREADY living on welfare and unemployed with no intention of ever helping themselves because they have McKeeva to help them. These people have proven to the entire world how easily they can be bought so how can we blame the people who are in a position to buy them for continuing to do so? These handouts of money that very obviously should benefit ALL of Cayman in equal measure, is very simply and plainly WRONG and nothing more than a pacifier for those folks who otherwise wouild never have voted for the UDP again. What a God-forsaken mess this country is in, and it gets worse every single day.

    • Anonymous says:

      This "half of West Bay" that you refer to most likely doesn't even have a home, leave alone a mortgage.  And I really wonder where you did your research on this!

  11. John-the-Baptist says:

    I am not paying my mortgage this month, next month or any other month. As a matter of fact I pay NO MORE mortgage.  

  12. Slowpoke says:

    So, the issue of income inequality has come to the attention of Caymanians.  No shortages of new MB, BMW, Prorsche, Ferrari's…

     

    Welcome to "Occupy George Town".

  13. Anonymous says:

    Mad mac is always coming up with crazy ideas. Not long ago he was wasting the country money by giving it to some academy and to help Rosie build a new church. Shame on him.   It escapes me that after his episode with First Cayman Bank, and the status grant,  that people actually went to the poles and voted for him.

    • Anonymous says:

      "…to help Rosie build a new church".

      You are misrepresenting the facts there. The money was to upgrade a church building that was being built in any event to hurricane shelter standards. The cost differential was valued by govt. quantity surveyors. Unlike someothers, that is a legitimate public purpose.

  14. Anonymous says:

    Before anyone is given this handout the registry of motor vehicles should be checked to see how expensive a car these people are driving.

  15. Anonymous says:

    How utterly utterly absurd.

    So what happens after four months… they lose the house anyway. Either the Bank that lent them the money in the first place gets the money (and dart has just paid the Bank $5K pm rent to let the custoemr staythere 4 more months) or the recipient hs got $20K compensation for not paying their mortgage.

    lets not forget that before a bank would have got any right to sell the house they would have to prove to the court that the borrower had havd every reasonable opportunity to satisfy the bank / avoid repossession and there was no reasonable prospect of changed circumstances in future.

    People with homes who cannot afford their mortgage may well be among the less needy her. What about those who could never scrape together a deposit and now can't afford their rent…. etc etc etc.
     

    NB three more payments up to $10K…. $3,300 pm mortgage eh! Is that a $400K plus house against which someone borrowed when they must have been earning something up towards $100K pa?.  Perhaps they have fallen on such hard times that they can only earn $80K now so are truly needy of this handout  (NOT!)

     

    • Anonymous says:

      Mac has a lot of friends with second and third million dollar homes. The rental market is too soft to cover the mortgage payments and return a profit, so they need a little "hep" so they don't lose (ie sell at a small profit) one of these homes before Mac turns things around.

  16. Anonymous says:

    I thought the UK wanted McKeeva to establish a "Sinking Fund", but instead he is having Fun while the rest of the country is Sinking.

  17. Loopy Lou says:

    Since all this cash is sloshing around, how about we spend the money on reducing the budget deficit rather than frittering it away as soon as it comes in?

  18. Alan Nivia says:

    Why are we wasting public money subsidising deadbeats?

  19. Anonymous says:

    How is this not corruption? Is the UK really happy that instead of being used to balance budget funds that are intended to benefit all people in the Cayman Islands are going to be directed to benefit a chosen few.

  20. Anonymous says:

    So madmac and dart believe it is fair and just to sell off the crown land that rightfully belongs to ALL of us in order to help a chosen few of the population ????  What kind of fools do you think most of us are???  This is not good judgement morally or business wise for anynone except dart, madmac and a few of madmacs voters who have always counted on his handouts instead of earning their way like the rest of us are struggling to do.  Now the biggest slap in the face is that he is using the public purse to do it.  I was unemployed for 8 months and still had to pay my bills  with what little savings I had, instead of blowing it on partying or drugs or shopping or other irresponsible spending and expecting someone to pay my way for me.  Well done you bunch of greedy and ignorant hypocrites sucking up to him for votes……well done Darts for ignoring the petitions of the people of Cayman where you have made your home.  You are taking much more than your share with your greed and you know it and don't care.  There are many of us who know your swapping of this for that is far more to your benefit than ours and you want it all…….and as far as madmac goes…….I cant find enough explitives to add on to XXXXXXXXXXXXXXXXXXXXXXXXXXXXX….You are a total DISGRACE to the majority of Caymanians.  Of course there are residents here that have somewhere else to go when the goose that laid the golden eggs is dead but they too would benefit from what the rest of us are standing up for now if they weren't so greedy and ignorant and trying to get rich quick themselves.  I'm sorry but I would rather lay down my life for Cayman than become a Dartian. "dart-e-un"

  21. Knot S Smart says:

    Just noticed this.

    While Santa is busy giving out 20,000 bills in Cayman, they are eating up all of his reindeer in the UK.

    U.K. stores sell out of controversial canned reindeer meat

    Poor Rudolph!

    I guess Mr. Blencathra was right a few days back when he complained about us complaining…

     

     

  22. Anonymous says:

    The only reason "Dart" is in Cayman is to avoid paying millions in taxes.  If you think he is here for the "good" of Cayman, think again.  Always look at the big picture.

     

  23. Anonymous says:

    PLEASE HELP ME HERE!  Can someone please tell me that the funds that Mr. McKeeva is giving out from the Dart well  has to be paid back in 50 years?

    • Anonymous says:

      Most likely, as we already know: there is no free lunch, or anything else!

      But then again, very few people seemed to get upset as Cayman slowly worked itself in to a $600 million plus "national" debt

      So, lets see, if there are 30 thousand Caymanians of which maybe half are of tax paying age, I am responsible for my wife and me, that makes my share of this debt about $ 80'000.00! Oooops!

      Calling all "Darts" please come and invest, create economic activity, help us increase Government revenue! so hopefully when the Politicians are done wasting money, there is some left to pay down the debt!

  24. Anonymous says:

    Teach them to fish.

     

    Handing out fish is a slippery slope to a permanent welfare state.

    • Anonymous says:

      True, True!

      But, letting 250 families lose their home (they bought perhaps above their means, because they believed the hype that "things" could only get better) isn't teaching them how to fish either is it? 

    • Anonymous says:

      Too late for that. Do a survey on those receiving social services assistance and you will see that the largest pie wedge is from WB – and NOBODY comes off that list, no matter how the civil servants try to remove some objectively

  25. Anonymous says:

    THIS GOT TO BE HOT AIR:    What a hell of a mess McKeva put himself into. He never learns?.  How will this play out? It willbe good to see who qualifies for this.  Hurry and puplish what qualifies one for this.  It seem like he already know who is going to get it by he can say  how much each one will get. It is repayable? Is it really free? Who is qualifying? What isDart going ro  offer this time next year to the people for their birth-rights.  

  26. Anonymous says:

    This is a poorly thought out, impossible to fairly administrate, socially devisive policy.  Are people with mortages really the most needy in Cayman?  Cannot those with motgages capitalize their homes and move into rented accommodation if they're struggling?   Is there not a more needy section of Cayman society? What about all those who cannot afford to pay their rent and CUC bills. don't they need some help?  It strikes me that removing the high duty on fuel costs would be a fairer "handout."

    • Anonymous says:

      You're right about the fuel duty rebate, but then that would look like UDP made a bad decision in the first place – and they cannot have that! So, their solution is to make the majority suffer for the benefit of a few.

       

      MacFinance 101

  27. Anonymous says:

    How about a program to help people find their deposit to get a home ?, yes helping people to pay their mortgage is great ! What will happen to them after all the freebe is finish ?

    • Anonymous says:

      They will wake up with a new hotel in their country

    • Anonymous says:

      Exactly.  What will happen is that all those who take the handout will get say 3 to 12-months relief, and then they'll be back in the same position, but this time they'll be in debt to both the mortgage company and the gowerment!  My guess is that those accepting the handout will have to sign over their property to the gowerment as part of the contract; otherwise, how can the gowerment indemnify themeslves against potential defaulters?  There's more to this "scam" than meets the eye.

  28. Knot S Smart says:

    Eversince this Govt took over they increased all of the taxes and destroyed the economy.

    Added to that our Premier and his chosen few have continually toured the world, further depleting our limited resources.

    He gave millions to churches and now he will give more millions to certain people? All of us have suffered through the high taxes they imposed – so if there is going to be any handout of Govt cash it should be equally distributed amongst the population who have paid the taxes!

    Having said that I am against Govt giving handouts because that unfairly influences the next election, and creates a dependency of the voters to the present Govt.

    We need a class action lawsuit to prevent Govt from favouring one group over another group. Or giving their supporters a benefit over those who are not supporting them.

    • Chris Johnson says:

      I wish those collecting the new mortgares the best of luck. Twenty years ago I had the please of sitting on the Housing Development Board until Bigboy replaced me with his political honchoes. Mrs Angela Miller did a brilliant job collecting, with great difficulty from the poor with mortgages. The chance of these new mortgages being repaid is Zilch.

      • Maybe not says:

        If the government emcumbers the property with a second charge, at least it would be able to get its money back before the property was sold, tranferred or borrowed against again.  Let's hope that's the plan.

        • Kung Fu Iguana says:

          Unfortunately it is far too hard for banks to repossess property in Cayman for those in default which only increases the prices of mortgages for the rest of us.

  29. Anonymous says:

    How will you know if the money is spent on mortgage payments? If it's blown on something else, it will just make people worse off.

  30. Oh Snap! says:

    Bet all unna wishin you hadn’t signed that petition now!

    • Anonymous says:

      is that you? Why yes it is you… ol' sell-out Caymanian.

      bought-and-paid-for, much!?

  31. Anonymous says:

    I moving to West Bay.  Hell No!!!! my soul is not for sale.

  32. my burning bush says:

    Governor: It [appears] that Mac is going to use this money to buy votes in West Bay. Don't you dare sit around while this happens. YOU MUST bring in independent observers both for the administration of these funds AND for the next election. Your ability to hold on to the façade that this Overseas Territory is not wholly corrupt depends upon you doing these things.

  33. Anonymous says:

    Yes, the churches should help.  I was shocked yesterday when a pastor pulled up next to me in the parking lot yesterday in what looked like a brand new Land Rover.  Little showy for a humble pastor I thought.  Maybe if he had purchased a regular car at half or even quarter of the cost, some of his struggling parishioners might have received a little more help.  I know you shouldn't judge but that was a little too hard to swallow in the current economic climate.

     

    • Anonymous says:

      I wonder if they paid the Motor Vehicle duty or this was waived or refunded also by the Ministry of Finance……..

    • Anonymous says:

      keep a look out and you will see many more of those poor pastors driving nicer cars than their parisheners. there is no shame for them

  34. Anonymous says:

    Mac, Mr. Dart must have the sweetest udder as you can't seem to stop milking this cash cow! This will be a disaster……mark my words!

  35. Anonymous says:

    It's the classic despotic, demagogic, totalitarian ploy: Ensure the poor stay poor and then give them a handout to buy their affection and their allegiance.  And you know what?  Many Caymanian's will cast aside their dignity and instead of screaming "Sort out the economy and give us opportunities to pull ourselves up , Mr. Premier," they'll accept this handout and cast him a vote in 2013.  Sad, sad, shame.

  36. Anonymous says:

    I bet everyone is wishing that they lived in West Bayt this Christmas. You have brought Santa Clause to many this Christmas. Keep up the good works McKeeva. You are trying to help the people.

    • Anonymous says:

      The grant is available to all and sundry, no matter the district or political persuasion. Ibeleive that the appointed committee will ensure that  all goes accordingly.

      They are our finest professionals and Caymanians and I have complete confidence in everyone of them.

      • Anonymous says:

        You are right; I beleive that this group of people is capable of managing the program professionally and will help one and all.

        Let's first give them a chance, for one thing, I know that Ms. grant has already reccommended the program to me and the conversation of politics did not come up even once.  The woman is too professional to behave in that manner.

        By the way, I reside in GT, and she knows that, so I know for sure that the program will not only benefit West Bayers if she has anything do do with it. Don't bank with her either, so there.

    • Anonymous says:

      helping to what?

  37. Dred says:

    I am going to guess here but I would imagine that the majority of funds will find its way Westward and to mostly UDP supporters.

    Maybe this should be considered Elections Cost orr Funding?

    • anonymous says:

      lol..  do ever find anything positive Dred says?  thumbs up for Dred!

    • Anonymous says:

      The name of anyone who applies and/or receives funds from this program should be made public….

      • Anonymous says:

        I'm sure that a FOI will be requested and the committee is aware of that I would beleive. I am sure that their behaviour will be scrutinized by all and it will stand the test of the public. These are good people, UDP or not.

        As Caymanians we need to use and appreciate the expertise that is available to us locally. Guess most of you would much havepreferred a committe of expats, rather than your own honest Caymanian.

        Lets all try to be more supportive as these people try to do the job they are charged with. I am sure that they are aware of the challenges, however they still had the guts and courage to step up to the plate, and for that alone they have my support.

  38. Anonymous says:

    How I wish that this Gowerment would do the right thing with this "donation" and place it in the government's coffers and reduce our fuel duties so that everyone in Cayman can benefit equally from it, and so that every one will be able to again pay their mortgages, rather than using the "donation" one more time to buyvotes. 

  39. Young Caymanian says:

    I think this is a good Idea and at least if the loan can get paid up to a portion then that person/s can get back on their feet and be able to pay off the loan much sooner!

  40. Anonymous says:

    McKeeva shouldn't have any problem finding supporters to sit on his Saving Homes In Time committee.

    • Anonymous says:

      Can't think of a finer group of people to manage this program. They are of the highest integrity. All are civil servant already in the employ of Governemt and the other is a senior staff member of one of Cayman's finest banks.

      Ms. Grant has an exemplary reputation in the local community, after all, how else could she remain in the employ of a bank of such standing for the past 25 years if she wasn't doing what's right and good.

      The PPM would do well to utilize her expertise in the event they are able to win the next election, becuase first and foremost, she is honest to the bone.

       

       

  41. Anonymous says:

    I guess that means every one in West Bay will be getting $20,000 of the Dart money.

    • Anonymous says:

      Everyone except those who already received hats, gloves, shirts, boots, and new machetes for Christmas. Also, if you had to visit a MLA's house for a little "hep" with your utility bills since the elections you may not automatically qualify.

  42. Shock and Awe says:

    #1 Criteria:  Who do you know in government?

    #2 Criteria:  Who did you vote for?

    #3 Criteria: Who will you vote for?

  43. ALL SEEING says:

    More kissing up to Dart. This seems like a deal for Mac's cronies to catch up with their money owed. Just another political deal for reelection.

    • Anonymous says:

      yes – and using public funds to do so. Isn't that illegal?

      • Anonymous says:

        Mac is trying to get around the public fund thing.  He is just using governemtn to ditribute Darts funds.  XXXXXX

  44. Anonymous says:

    Mac – now I ain't saying we some gold diggers but you ain't messin with no broke "figures"

  45. Anonymous says:

    Creative vote buying.   This will (of course) be under the premier's ministry.  This is Dart's way of indirectly buying votes for Mac.

    Wake up Cayman while you still own a small part of your country.  This man must go while we still have a bit left.

  46. Castor says:

    Hiow sad is this?

    • Uhhuh says:

      I know! We need to stop this programme right now.  We need to let the banks foreclose on all the Caymanians who can't pay their mortgages right now and put them out on the streets! Then the banks can sell the homes, some of which have been passed down for generations, to the highest expat bidder! That'll show McKeeva Bush!  Oh wait… my brother can't pay his mortgage right now and I can't afford to help him and I can't take his family in with mine.  Maybe he could get a little help, seeing as how he lost his job this year because his company downsized.   But all of you other people , you need to fend for yourselves because McKeeva Bush is pure evil and he only wants to buy votes.

      I swear… some Caymanians are impossible to please.

      • Anonymous says:

        If, as you say, the homes have been passed down through generations, surely the houses would be paid off already in most cases? – If that is the case, why did people need to take mortgages out on them?  Probably so they could buy nice SUVs etc.  More fool them.  They should live within their means and not be bailed out simply to put off the inevitable.  If that isthe case, then yes – the banks should sell these homes to whoever can afford them. Be it an expat or Caymanian bidder. 

        Good luck Cayman!  You'll need it with Bush (or should I say Dart?) in charge.

    • Castor says:

      How truly sad this is,Dear God in Heaven, are we so open to corruption, failing that, the perception of corruption.

  47. Anonymous says:

    Whats Phase II of the plan?

    Another $20,000 for these people that still wont pay.

    Maybe the churches should help, several of those seem to swimming in money at the moment.

  48. Anonymous says:

    Git sum! git sum! the Dart welfare state begins how about CUC GAS and Groceries

  49. Anonymous says:

    This is just plain wrong, how does giving hand outs teach fiscal responsibility? A short sighted move by Dart and he has manipulated a government that is dependent on one man, which I guess is the way he wants it.

  50. Anonymous says:

    Hmmmm…. a lesson in how to buy votes by allowing people to default on their mortgages??.  I agree with earlier comments – if people are in this position, make them sell their blackberries, nice cars etc before giving them a dime.

    Only in the Cayman Islands.

  51. Bushwacker says:

    WELCOME TO THE NEW AND IMPROVED BANANA/ABSURDISTAN REPUBLIC!

     

    This Mortgage assistance program is nothing but pure XXXX; in the past it was refrigerators, stoves, washers, dryers, and $100 bills given out like there was no end to it during the 2009 campaign (covered by CITN). Now they are blatantly giving out $20K to save homes!

     

    In practice, a banana republic is a country operated as a commercial enterprise for private profit, effected by the collusion between the State and favoured monopolies, whereby the profits derived from private exploitation of public lands is private property, and the debts incurred are public responsibility. Such an imbalanced economy reduces the national currency to devalued paper-money, hence, the country is ineligible for international development credit and remains limited by the uneven economic development of town and country. [1]

     

    Kleptocracy, government by thieves, features influential government employees exploiting their posts for personal gain (embezzlement, fraud, bribery, etc.), with the resultant deficit repaid by the native working people who “earn money”, rather than “make money”. Because of foreign (corporate) manipulation, the government is unaccountable to its nation, the country’s private sector–public sector corruption operates the banana republic, thus, the national legislature usually are for sale, and function mostly as ceremonial government.[1]

     

    The downwardspiral have just accelerated and I hope for these islands’ sake and our collective holdings and interest that our new electorate utilize their voting power and stop this madness because it seems that West Bay is stuck in the mire of this type of politics!

  52. Anonymous says:

    Just what the country needs – another unaccountable handout the country cannot afford.

     

    How can this possibly be legal when it is totally lacking in legislative backing.  Does the Minister of Finance really have the authority to just make up the rules for a US$5m handout willy nilly?

     

    Why not invest the money or use it to pay down some debt?  Every time there is a hint of spare cash the Premier simply has to dole it out.

     

    This government is a milk cow with 24,000 teets.

     

     

  53. Anonymous says:

    How about demanding the banks allow a half amount paid on mortgage for a year or lower the rate also.

    Come on when they took our money and invested on Wall street and stocks crashed, did we get paid back for that? or even if they made a profit did we get a small share for investing with OUR money.

    • Anonymous says:

       

      Don’t blame the Banks for the bad choices people make such as buying homes they cannot afford in the long run. How about people pay their mortgages before buying that fancy car or those expensive clothes?

       

      Get paid back for stock crashing, when banks lost money on stocks no one with deposit account lost money so what the heck are you talking about and if they make a profit how do you think they pay their employees and for the cost of running that bank that keep you money safe after all it is a business not a charity. If you don’t like the way banks do business keep your money under your bed and buy your home with cash…

       

      If someone borrowed money from you and then got mad when you asked them to pay it back would you think it was your fault that they were in a bad situation and let them slide? Or would you say I need my money one way or the other.

       

      This is just another example of people wanting something for nothing and expecting everyone else to harbor the burdenthey created for themselves.

    • Anonymous says:

      Cayman banks didn't you idiot.

    • Anontoo says:

      So how much did you lose when the bank made those bad investments?

  54. Anonymous says:

    Though this is a little senseless to me – it should not be extended only to ppl with mortgage arrears but to ppl who are just broke like myself.  

    • Bling man says:

      Ya, mon.  They could divide all the money among everybody!  That would be somewhere between $300-$400 per person.  Would that be enough to buy a vote?

  55. Anonymous says:

    I hope they put a secondary charge on their property otherwise it will never be paid off.

    • Anonymous says:

      Of course it will never be paid off, it is a gift or something else.

    • Anonymous says:

      When they vote UDP, it will be paid off. No one who does not openly support the UDP will get ANY of this money.

  56. Anonymous says:

    Bright Idea. Everybody stop paying their mortgage.

    If they can't pay now, what in God's name makes you think that they can pay in the fiture?

    Will a lein be put on these properties and the debtors be forced to sell their new SUV's and bling bling before the loan is payable?

     

  57. Anonymous says:

    Sorry I don't get it….another hotel???? We can't even fill the ones we have here…XXXX

  58. Right ya so says:

    …and one more step towards "Dartland".

     

    • Anonymous says:

      Better someone run the country that actually has business smarts, they leader currently running it in the hole. The sorry decisions made by Caymans current and past leaders just laid the ground work for someone like Dart to gain a majority share in the country..

      When you fall on you A$$ don't blame the person that picks you up…

    • anonymous says:

      at least he HAS money unlike most of us!