2.5 billion dollare in VAT mismanaged by previous govt.....taxes mismanaged statium costs up to 42 million...water treatment plant 9 to 19 million...so much wastage at the top.....THEN PORE PEOPLE TAXED TO PAY FOR OTHER PEOPLE WASTAGE MISMANAGEMENT....SLACKNESS.....AN...AN...AN...rise in VAT across the board hurting the pore more than rich......COST OF LIVING UP 1.2%...last Central Bank Quarterly Report....2,500 let go by the govt.....merchants complaining business revenues down...for the Finance Minister to simply say the pore dont want to pay is astonishing....Mind you the wealthy can buy dity lowered AIRPLANES HELICOPTERS...PARTY DUTY lowerer.....why even CAVIAR dont now have VAT.....Duties reduced and merchants not even passing it on.....pore jus cant win fer losing ...even Haitian shanty town getting to live for free in shantytowns..studies census done.....

POOR is not rich. A Pore is something on your skin that allows you to sweat.

Everywhere we look we see years and years and years of government waste, incompetence and graft. If we look too hard we may realize that we are simply land pirates (pirates without a boat).

In a nutshell..........

@sickened, that pretty much sums it up!

that ain't working, that's the way you do it
borrow money from the bmc
money for nothing, and the house for free.

Repossess and sell them to the ones who applied for the land programme.

I have known lawyers who advise people not to pay condominium fees.

I have known accountants who advise people not to pay mortgages and that late fees are illegal.

Note to The Tribune: Please stop calling Philip Davis “Brave” ... there is nothing “brave” about this guy, there never has been, and there is nothing “brave” about running on a political platform that encourages people not to pay their bills.

The VAT taxes 7.5% and added increases at 12% have effectively taken out of the pockets of all Bahamians income and increases in fuel costs gas have effectively and efficiently subtracted fron the incomes......and more so the pore ....recent IDB repprt points out the poorest hurt by some 2.4% of their iincome with fuel prices increases...Simply if the govt Is taking MORE and MORE VAT an MORE other Taxes COMING out of your incone and cost of living increasing...an salaries aint increasing...people getting laid off Needin help from other family still gat a job....
Saying mortgagors dont ttalk to the bank an still saying the arrears is high not being paid is a distraction from the fact ...THAT THE CRISES WAS NOT AVERTED....WAY BEFORE IT COLLASP THE BANK....save for more taxpayer yetagain to guarrantee survival....
This obviously did not happen overnight.......BEGS THE QUESTION WHAT WAS YHE CHAIRMAN...BOARD OF DIRECTORS...PAID ..SALARIED BMC...EMPLOYEES ..MANAGEMENT DOING ABOUT THIS....ALL DIS TIME..,!!!!!!.....an telling audited reports dont come in in time....by salaried people...is no excuse....to blame mortgagers for slackness of BOD....who could have nipped this in the bud...or tried....before now crises...
The Minister should have also be telling the mortgagers in Grand Bahama for not repaying loans also.....or obviously they too ...would be also in this......

They doing crap with the mismanagement of the State money & want to act innocent in these funny looking coat suits telling the struggling poor man learn to pay their bills, when they are worst trying to hide their selfish hideous financial arrears. Vomit.

http://m.tribune242.com/news/2018/oct/0…

The number of loans being repaid right now to the BMC is 2889, 1366 of which are in arrears.

#The value of the loans in arrears is more than $34m.

#Mr Turnquest said the BMC is currently owed $194,246,667.

#Meanwhile, it owes $395,026,146 to bondholders, including interest.

Then we wonder why we have $8 Billion in public debt????? ........ White elephants like these public corporations

Re: Sickened Great term: Land Pirates. Instead of the terms "wastage and incompetence" when will we start calling it by its real name: "theft and corruption."

It IS time to march on parliament! If we knew the true debt figures we could flash them on billboards all over Nassau and the Family Islands, along-side the VAT totals collected to date. Perhaps THEN they would start bring down the debt!

What about all the new vehicles with red plates? Bought right after election. Every year.

Sickening. They cannot help themselves. Not to mention petrol consumption because they are up and down all over the place.

Ma Comrades, don't let it be lost why need be skeptics how KP and Romauld, seem be jumping take credit for foreclosures that were done in legal system - long before 10 May 2017... but we done knows Minnis and KP, never touches anything which don't involve the PLP

IN erry business enterprise where money has to be collected.....and likelihood of some not being collected........THE COMMON SEMSE IS FER THERE TO BE A ....COLLECTIONS DEPARTMENT
COLLECTIONS OFFICER..... OR A RECEIVIBLES DEPARTMENT....AN.AN..AN........WID TENS OF MILLIONS OF DOLLARS.......HOW IN THE WORLD DEY DIDNT HIRE SUFFICIENT....STAFF....TO COLLECT THE MONEY....CALL THE PEOPLE STEAD OF WAITING......AN.....WAITING....FOR PEOPLE TO COME IN OR CALLS THEM...COLLASPING THE BANK....save for taxpayers to bail out.....YA HAS A DUTY TO THE SHAREHOLDERS TO GET THE MONEY...GO AFTER THE MONEY YA LENDS OUT.....NOT SIT BACK AN WAIT....FER MANNA TO FALL OUTTA HEAVEN......,!!!.,!.IF YA ya called....male the oft complained of HARASSING, DEMANDING....THREATENING....OBNOXIOUS....phpne calls.....delinquent customers do the usual threatening...harassing....phone calls....customers complains of....and gets back $1,000,000.....out of the $194,246,667. ..it woudda makes sense to hire 4 people pays then $25,000 each just to be calling in people to makes arranhements ......!!!!!....if the Former Chamber fella can gets disbarred for 10 years...???....it is time erryone responsible for mismanaging taxpayers money yet agains...be disbarred...!!!!....

Ya woulda thought!

Repossess and/or put liens on all properties! Where's the problem?

Liens are well and fine if dwellings to be repossessed were not built by government!

There's lots reasons ask why is it that the Comrade Imperial red shirts cabinet played by different set rules when it funded a 50 person committee to figure out how best help and pay relocate something like legal and illegal residents 8 Shantytowns....... did I miss the same level compassion offer financial relocation assistance mortgage defaulters .... Didn't KP and Dion not say that there is no way the government goin' just toss Shantytowns residents and their children's and furniture's out onto streets?

Many of these loans were never going to paid back , they were homes for cronies ,friends ,political generals ,,many of which the cronies and friends put out to rent and never had an intention of paying back the government ,juss another Peoples penny savings bank ,Development bank ,Bank of the Bahamas type scam ,, a way to get our taxpayer money out the treasury .I say if the people can,t or won,t pay the mortgage put them out find buyers that can .If I cant pay my rent/mortgage for whatever reason I got to go live w/ my Ma ,uncle or something ..I,m tired of this sh#t ,,you would be surprised to find out you got these homes ,,put them out for rent and stiffed the tax payer

The institution licenced and Regulated as a Bank......now Throwing on the market a bunch of houses and selling them raises other questions....
1. Tha bank aint no licenced Real Estate qualified Real Estate progessional trained to sell houses showcase hightlights to get the best price as the Legislated licemcemed regulated Real Estate professional to get the best prices for the customer.....showing ot 24-7...well more than the bank....
2. Plenty talk outside already that people inside banks allegedly does fishy things like getting friends family lovers cronies to buy homes knowing banks will accept certain amounts....dont lkke to believe gapseed gossip and does not ...
3. Putting large numbers of homes created or may add to existing glut making pfices drop for errybody....supply being more than demand ....
4. Other lenders usually have other buildings as collateral for businesses utilizing number of bank facilities...overdrafts..etc.....other banks unnaturally throwing other buildongs on market lowering property prices causes banks holding buildongs as collateral now have to lessen callin...restrict business lendings
5. W...........
When these unnatural things...happen....lots of homes on the market glut......everybody suffers from the cascading effect......lots more affected when the banks all of a sudden throw dozens of houses on the market...!!!!

Re concernedcitizen This is one of the best posts I've seen on here. You have shown a blazing light of truth onto the scam government we have in the Bahamas, which is little more than a lawless tribal cabal. Good work! 40 years of this criminality by those lawless thugs in government, and I'm surprised this country isn't even worse off.

Proudloudfnm They going to do something as soon as China signs the cheques it promised them. Their entire administration is waiting for China to begin investing.

Remove the defaulters, take their property and sell it to a buyer who will not require a mortgage. That's not cruel, that's life. Even so, "Some times you have to be cruel to be kind!"

Yes Pundit....Comcermedcitizen is insightful. Again would then go over to the BoB loans in Resolve....taxi plates.......??.....and the really slow pace to have any Financial Ombudsman .....well we did get the separation from the AG ..to throw out nollees....

As Concernedcitizen said, this BMC matter is almost an exact clone of the BOB matter. Both were lending institutions, both have been pillaged for untold millions of dollars by politically connected people. Both require a forensic audit and criminal charges to be levied. Both are NOT being investigated by the Minnis FNM!

Another BINGO!

If either the BMC or BOB matter happened in China, those in charge would be executed. If either happened in the US, those in charge would likely be jailed. In other first world and many third world countries, this would be a huge scandal and audits would be conducted and people would go to jail. In The Bahamas, the FNM calls the PLP a few names and Davis grins.

The final word in all this is that both PLP and FNM have on at least two occasions aided and abetted and/or directly defrauded the Bahamas Government treasury, which is high treason against the Bahamas Government and its people. If they are willing to do this using banking institutions as their vehicle of fraud, imagine what they are doing with VAT? Bahamas Government = engine of fraud.

......added to the call for investigations should also be the other financial entities controlled by political affiliates....?the Bahamas Development Bank.....the Central Bank..still trying to fogure out how CLICO mamaged to get its money past to invest in Florida leaving Bahamians taxpayers to pay ....!,?