Not only fFamily island locals cannot qualify for loans but also Nassauvians. COMMON SENSE SHOULD HAVE THE GOVERNMENT ASKING WHY. Its the second largest sector and a business built on the sweat and hard work of many Bahamians of whom Sir Stafford stands out.

The banks are now allowed to do as they please without anyone looking out for the COMMAN BLACK MAN , or WHITE MAN

AND THE PREDATORY LENDING FOR BANKS TO STRIP MINE THE ECONOMY AND SEND PROFITS OVERSEAS. NOW THAT THE BAD LOANS PILED UP OF COURSE THEY ARE GOING TO PROTECT THEMSELVES WITH RIGOROUS CONTROLS.

ITS COMMON SENSE.
CAUSES AND HARM OF PREDATOTY LENDING SHOULD BE INVESTIGATED AND WRONGDOERS PUNISHED.

I agree. Most gamble away all of their hard earned income. They no longer go to the local banks to save. It goes to the number houses instead and with all of that money only going in one direction small wonder the economy is failing.

How has our banking system been disrupted? Is it not enough that 2% of you conchjoe fellas control 85% of the bankable assets in this country? Why, without any evidence, do you continue to overtly call these black men criminals without also calling the above 2% the same. I believe in the rule of law, but the rule of law also states that a person is innocent until proven guilty. It is the institutional economy disenfranchisement of average Bahamians for over 100 years by this 2% combined with the banks discriminatory practices, unwillingness to re-invest in the Bahamas and poor strategic and management decisions that have disrupted our domestic banking system and led to such inhumane economic inequality that it now threatens our entire economy. At least these guys are re-investing in the Bahamas, something that cannot be said about the 2% that own 85% of our country. They must pay you very handsomely.

@JohnDoe a/k/a @John: You don't believe in the rule of law. You believe in the right of corrupt politicians to pass legislation to circumvent the rule of law in quid pro quo arrangements. This is exactly what the corrupt Christie-led PLP government did when they wrongfully passed legislation (against the will of most Bahamians) purporting to 'legalize' the money laundering and other illegal activities of the racketeering criminal enterprises run by the numbers bosses. But you believe most in singing for your supper from the numbers boss who butters your bread. What a despicable creature you must be.

If a lot of people in a country broke, don't have money to put in any bank, can't qualify for loans, of course, banks will start closing down. Everybody overlooks how important the money of the 'small' man is.

The Government should ban webshops, nationalize ALL foreign-owned banks, encourage Bahamian-owned banks, open a national lottery and encourage each island to create a cooperative credit union to boost local financial independence and investment.

Correct! 👍👍

Predatory lendong became more focused as banks moved their headquarters overseas where foreigners who knew nothing of the Bahzmian market culture people.
Loan officers were encouraged to give out as many loans to win SUVs or cash prizes or vacations abroad for the most loans given out.
Loan targets were then given to be met or else the loan offocer would not get a met target on staff appraisal for a salary increase.
It is unlikely the applicant ever knew that the loan officer may not have been acting with due care and attention and the likehood og being negligent in using applicantion forms that were not as mathematicslly emcompassing as those now used. Legally all documentation is in favor of the lender to the point that the borrower in many cases is always indebted to the bank even after the property is sold by way of Judgement in Court.
Today huge targets remain but with more Complisnce controlls, credit risk assessors etc and banks are now stringent as they should have been way before.
The loan officer now is listed in a system that performance is computerized monitored so that everyone in the caribbean pipeline keeps track.
Fully agree with Local Coops Credit Unions that deal with Bahamians by Bahamians, but we must have an indepemdent Banking Supervision and Audit team to balamce and correct wrongs done to the customer instead of the Central Bank where the Govenor and Board of Directors are appointed by the govt.
Strict standards and punishments must apply to bankers. With 4000 mortgage accounts in default it is unlikely all ae solely to blame.
Foreign banks reign supreme way above what Bahamian agencies should allow them to.

Almost every single foreign bank is looking for buyers or wants to leave the region. It is no longer a profitable business proposition to operate in the Caribbean. It was when the OECD and FATF were not around, but now, there is no money in the domestic marketplaces. Banks, by their nature, are predators.

I see a big future for credit unions in small markets like the Bahamas.