THERE always seems to be more problems in public life than solutions – so when an imaginative way to resolve an issue is suggested, it is well worth taking a moment to applaud it.

In yesterday’s Tribune, the chief executive of Fidelity Bank (Bahamas), Gowon Bowe, shared his idea for resolving problems that have vexed the country for some time – the issues of housing and distressed mortgage woes.

There is a frustrating combination of issues – where there is a shortage of affordable housing on one hand, and a number of properties left empty as owners are unable to pay mortgages and they get stuck in limbo with the matter unresolved.

A number of delinquent properties have been left on the books of commercial banks, doing nothing but lose their value over time.

Mr Bowe wants to do something about that.

He suggests creating an investment trust or some other financing mechanism to take those properties off the books of banks at a reduced value, so that they can be repurposed for those who need them.

As he said: “Banks don’t really want to be property owners; that’s not our mandate.”

He pointed out that people come to the bank to get a mortgage to buy a home, not to ask what the bank has for them to look at.

He added: “The bank doesn’t want persons coming in to inquire: ‘Can you sell me a home?’ They want to loan them money to buy a home. A non-performing loan has effectively been converted into a physical asset because you’re now in a state of saying you can only realise a recovery through the sale of the house. You’ve effectively become a property owner trying to sell a home.”

The suggestion would free up some of that balance sheet, and get the property back doing what it’s supposed to do – giving people a home.

The suggested trust would buy the property for cents on the dollar, invest to upgrade them and sell at a profit while still giving the buyer a discounted price overall.

Alternatively, the properties can keep sitting there. Unused. Falling into disrepair. All while people need a roof over their heads.

There is already a shortage of affordable housing in this country – a situation that has resulted in the shanty towns we see that have sprung up on different islands.

This idea won’t solve the whole problem – but it will get more properties back on the market.

Fidelity is willing to put money behind the scheme too, with the possibility of buying bonds or mortgage-backed securities any such trust could offer to help generate financing.

It’s a clever idea, and we hope that others will explore it further. And credit to Mr Bowe for trying to come up with an imaginative solution to a problem that seems to have been going nowhere fast.

Confidential or not?

The Tribune received a curious email yesterday – though we’re not sure if we can talk about it.

The email seemed simple enough – headlined “Bahamas Public Forecast” and running through the weather for the next day.

However, at the bottom the email signature insisted the contents of the email were confidential, denying permission to copy or distribute it in any unauthorised manner without the express permission of the sender.

So we cannot tell you it forecast pleasant and warm conditions – oops, oh dear, we just did.

One other forecast we shall mention – that the forecasters will amend their automated email signature very soon indeed.