Dont blame the mortgage infrastructure or some vague outside challenges....blame all lending institutions especially for the more rogorous application process to now qualify.....knowing all the bad loan banks gave out 1 billion plus worth of defaults affecting 8,000 plus bahamians.....businesses who put up homes ss collsteral like freeport and now devalued.......duh
Bahamians know when dey getting gossied by Pastors, by politicians , by govt Ministry so why dont you think dey know when dey getting goosied by senior bankers.
Suggestion to increase business is to review nbad loans and where errant bankrrs fudging figures policies not followed etc...bring in customers write off.... interest if negligence or fraud etc done?.....work out payment plan....better to collect something.....review the huge targets that emlpoyees have to meet .....ie 3million means that that loan officer has to find 10 to 20 customers who have saved downpayment legal fees etc and other banks doing same difficult....or get you own sales team cause some loan officers just plain cant smile much less sell....etcetc
Going after the affluent foreign or local will now drive up prices for homes.....and will also drive up prices all the way to the cheapest houses. Pushing prices up will make it even more difficult for the majority of Bahamians .......home prices go up rents go up....etceyc

Sheepr I feel your pain..you trying damn hard to save this country ......but......many are actually well trained but will turn a blind eye as they part of the nomenklatura,
They have to tip toe for fear...
Even educated Lawyers will tell you its a conflict to challenge a govt or bank for a customer who got ripped off and can least afford it.
Plenty Bahamians get really hurt and noone to turn to. No ombudsman, no financial consumer protection bureaus,.....The poor suffer and the workers who serve the people gets paid.
Hopefully now we are so far getting a few select investigations....Dr Minnis is trying....

"In the absence of a Credit Bureau lending decisions are based on "imperfect information" totally incorrect.
Blaming the Bahamian customer does not absolve any bank of possible class action lawsuit for aggressively giving out marginal or faulty mortgage loans destined to fail.
The Bahamas cannot pin 1 billion dollars defaulted loans entirely on the estimated 8,000 plus customers ......but persons are trying
Actual example extrapulating (general info cause the case is ongoing) for the current alleged money laundering case where Finco is mentikned the accused had a loan at Finco and her salary is just over 32,000 pa and the loan payment is cited. Given mandatory monthly payments still have to be added to debt service ratio the loan amount cited is already 48% ...above debt service ratio and other mandatory deductions like ins, NIB will take it over 50 posibly 60 + of customers salary. Something needed investiigating and it turned out it started from the employers end.
Imperfect information is a cop out, banks cannot blame 8,000 cusyomers for massive 1 b dollar defaults, and now blame Bahamian education whom they rigorously hired to carry out the headoffice decisions on selling mortgages to meet targets or else not meeting salary increase.
Banks have turned bankers accountants into aggressive salespersons in which is problematic which is like lawyers advertising for customers to meet sales targets...

excellent point,!! Thank you.

Which national address you been looking at?

Bank scheme where bank staff sold customers "products they didnt necessarily need"
All banks now sell products and bankers have targets and quotas to meet set by senior management or no pay increase or not meeting sales targets.
Love the case where the customer wished to o
Deposit $10,000 dollats with the bank and was convinced to open 10 separate accounts so the banker can get points for 10 accounts instead of one....... Hope dat wasnt my grandma in her wheelchair
Thats a good one but there are many others like the one where the cudtomer allegedly only got some 3/4 of the business loanr to start a business with expectations of more funds to finish which did not happen and of course could not repay the loan and couldnt move to another bank, or a common practice of barely qualifying a customer fpr a mortgage loan and then automatically giving them a credit card pushing them over the 45% debt service ratio, or questionable conpilation of data to be under debt service ratio and or not stress testing figures that they not only can pay mortgage but survive on balance ets or the common ones of phrase well and selling a forced mortgage loan to meet target, or extra lendings common ones enclosing garages in single family zoned subdivisions for rental, selling insurance products so the bank gets a commission, or from street stories so many other clever, deceitful, unethical ways pressure tactics that needs investigating which may not be true from hearing these stories on the streets.
Of course many will also say it remains that the customer does not have to buy and it is the customers fault or even blame the quality of education of the employees doing it as they try to meet the banks targets or get no pay increase.

Banks and lenders have been the leaders in advancing bigger and bigger homes to extract maximum profit.
From the days when covensnts in exclusive subdivisions made it fifficult to be there then the 1500 sq ft minimum size homes again restricting Bahsmians the jones effect to be there.
Banks are first approachdd by developers for financing and in return banks seek exclusives to finance these new homes and gain profits.
The consumer here is different from the US consumer who are famillisrcwith 1040s, REITs, 401s a d hosts of butgeting info, consumer protections anti trust, anti competition rules and csevere penalties who prey on consumers.
Here while advocates are seeking protections for the businesses there must also be protections for the consumers who in many cases get ripped off and lose. If you are going to have protections for businesses you must have protections for the consumers. $16 dollar fee to cash a $100 doĺlar chq??.usury??.....bankers making commissions and bonus for allegedly pushing unnececessary bank accounts ??...products?..

Fred Smith has opened many eyes on the inefficiencies, injustices, unfairness that has been under our noses for so long by successive govts.
Will he now style himself as Emperor Jacques Ii as undoubtedly thousands both in the Bahamas and in Haiti will want to bestow on him.

see i told you so !!!!!

courage mr bowe, i believe you ,!!!!
(You should receive offer and have to sign confidenyial agreement and we never hear of you or the complaints hahahaha)
.

This has been going on to the detriment of the Bahamians.
Some banks after qualifying you for a contract of indemnity insurance to qualify you for a mortgage that your total loans not exceed 45% of your debt service ratio will afterwards give you a credit card and whose minimum payment when added to loan service exceeds automatically breaks contract with insurors who will not pay in default.
Meeting target..?.well meet them or no salary increase.
Rewards, commissions bonus.yes.....love the clever employee convincing customer to open 10 different acvounts for 10 points clever....did they explain it like "Sir, think of it like a bonus savings plan in that when you break one you will still have many left"....hahaha
Thhese banks need to be investigated as billions of dollars are involved, 4000 mortgage accounts delinquent translates with joint spouse, kids, family members who assist them to pay, friends plus those acconts teetering more thousands probally direvting 25,000 Bahamians, mostly adults, voters ... THEN the thousands of others needing to borrow but cant. Govt surveys have pointed dissatisfaction..?...but guess what .....the Minister pushes for agency and sides with 8 banks to start Credit Bureau instead of helping distressed thousands of Bahamians to investigate loans and punish wrongdoers for the increfible pain of distressed property plus bank coming after for all other money snd having Court Judgement making you unable to ever borrow until lawyers fees incl repaid.....
Credit Bureau automatically condems 4000 to 8000 Bahamians distressed mortgagors from ever borrowing without investigating their accounts to see if Negligence or Lack of DueCare or Fraud happened. Just like the Detention Crntre just condemn them or one sided court appearance against the best bank lawyers.it should also be these poor distressed peoples time too

"The Commission noted...without full account taken of the sbolity of the employee to perform at levels of greater responsibility"......now knowing this are those under who now have the extra task of doing the extra work be immediately commpensated??