Creating a political pressure group broadens the base of democracy. Different views are needed particularly in these times where you yourself claim that the two other parties are the same coin.
Bahamians are suffering more than before where VAT has extracted minimum 7.5% from earnings and the poor being the majority are csrrying the load. Persons are being let go, homes requiring hurricane repairs program has stopped, free health insurance cannot continue, 90%debt service ratio to GDP is critical, education bill is $300,000,000 on the Bahamian citizens to educate 60,000 students works out to be $5,000 per year or $1,666 per student per term...more than private school fees,, illegals continuing to invade our Bahamad where Haitian creole is now a second language. 5,000 plus illegals have to be given a jet plane ride back while Bahamians have to be taxed to pay.
From your lessons you should learn, the road for every single leader incl our present PM was never easy. Learn from the comments and hang in there for the sake of broadening democracy. While I may not like what you may say I will fight for you to have that right. All hands on deck needed at this time.
The Development bank, the Bank of the Bahamas and the Bahamas Mortgage Corp.share similar functions, are wholly owned by the public, all located on the Island of New Providence (BoB has additional outlets on Cat island, Bimini, GB, etc) all are struggling.
Remarkedly and bizzarely no politician or no Director of any of their politically appointed Boards or no senior Manager all appointed by the govt has seem fit to amalgamate or merge three into one which will be best.
One rent bill, one lighg bill, one computer dept, one Human Resource office, one Board of Firectors, loan dept, one Collections Dept, etcetcetc. Savings will br enormous to free up time and money.
Other synergies can be had if Mortgage customers with equity and good business plan want to get small business loans, savings customers can be encouraged to get homes, by amalgamating customers in Andros, Cat Island and Bimini can also enjoy wider service to get loans for govt low cost houses etc, loan to farm, tourism craft and souvenir products, losns for lodges, ecotours, businessetc, loans to develop those family islands and possily expand into other islands too. Islands will be repopulated, opportunities created.
Pity what seems to be a simplier project to develop and create development for additional revenue than the implementation of taxing implementing VAT etc has not been tried over the decades and pouring hundreds of millions iwith public money into Bank of the Bahamas and Development Bank and Mortgage Corp and no investigations or noone jailed for wrongdoing.
Was the previous Queens loyal opposition not in parliament when all this was going on?
Bank of the Bahamas did get quick financoal attention and the Bank of the Bahamas which was suing the govt Central Bank of the Bahamas. Investigations should happen and persons if found guilty should be jailed. Two agencies cannot be right att the same time suing and the govt financialy steps in with the peoples money and in this case no public investigations and who is paying the legal fees.
Now that sums of the peoples money are being sought and the majority of the other sode not in power are gone one surely could not blame only those parliamentarians. Again investigations must happen and persons public servants if found guilty must be jailed.
It is stupid to blame a few dpzen MP no longer there and the civil servants who are there always carry no blame.
The same thing happens after each election for how many alternating govts over 20 to 25 years and if the new ones cannot pick up and jail those civil servants obstructing etc then what.
Somewhere somehow there should be some agency to step in and balance what any small opposition size cannot do. Like ombudsman, independent Bank Supervision and Auditing agency, stiffer penalties for white collar crime etc.
Regretably the pressures for lenders to meet targets of giving out mortgage loans so that the bank officer or team can get bonuses or the basic salary increase is present so that profits can be seen by some official in a foreign country who knows less of the culture, market conditions than the Bahamian loan officer. We follow their approved forms. There may also be instituted by the bank peer pressure not only between Bahamas lenders but among other caribbean countries who may actually know where in the pipeline any loan officers loan is at on a daily computerized basis.
Many if not all loans are marginal with TDSR total loan debt service ratio at 45% and almost always there in not enough down payent forcing one to use an inemnity isurance to cover the a mount above equity reqmuirement. I agree with the loan approval committee which is there in form but then the push to meet targets seem to overcome as everyone has targets. The use of indemnity insurance needs to be reviewed as the criteria is that the insuror must be informed and steps to sell. The indemnity premium must be investigated to see who gets the commission. The application forms need to be reviewed to see whether it is in favour of the applicant qualifying and gives the applicant a fair chance of succeeding. Paying rent is not the same as paying mortgage because owning a house comes with an additional set of expenses. The Central Bank should certify forms or rather an independent agency to supervise and audit banks.
When financial hardships arise as will happen at some point during a 20 plus year mortgage there should be more avenues for the loan officer to take rather thsn follow textbook policy procedures to sell. Again there are targets to follow.
Compounding and sdding to defaults apart from questionable financial analysis is the fact some banks also present mortgage customer with a crrdit card to meet anpther target of credit card sold. Also many roadsode shops would then offer easy finsncing of a car or furnitures by salary deduction accelerating default.
Many customers have no recpirse and the wealthy deep pocket banks always win . The system is frsigned on favour of the bsnk. Adding to customer mortgage problem is bad contractors and while the customer has to pay loan payments they must at the same time get another contractpr who charges more plus at the same time have to sue the first contractor after depleating savings on downpayment and bank fees. Appraisers have different education with the original Appraiser goes to college for 4 years and the employee who is a real estate agrnt who can take courses.. The latter is also apprpved by Bahamas Parliamentry legislation. Yes mistakes are made by anyone.
Apart from the view of one wealthy and shrewd buyer or sellers of foreclosed homes there should be the view of the poor helpless and downtrodden.
Huge loan targets are given for local bankers to meet to get a satisfactory salary increase.
Despite over 4,000 mortgage accounts were in default for some one billion dollars in loans no investigation by any govt was ever carried out. 4,000 accounts are usually joint with 2 persons, husband and wife means 8,000 Bahamiana, usually there are 2 kids or more in a house, means 16,000 Bahamians. Parents,sick,physically handicapped,family members might add for total 20,000 Bahamians
When there is a default the is noone to turn to for help. Lawyers want fees and will say there is a conflict suing the hand that feeds them. If the loan officer had given a loan in error noone listens. If the contractor had messed up you still have to pay the loan payment. If the loan officer had left out some financial information to get the loan approved to meet their target noone cares, if the loan officer did not do a good analysis to make sure that if qualified to pay the loan the customer MUST also be able to pay bills and live was not done there is noone to complain to.
so why should there be anyone wanting to just buy the mortgage customer home without any protections afforded to grassroot or any other bahamian. simple do not give a loan if you do not want to help them.
On the appraiser,banks who have been in business for a long time have a select list of qualified appraisers who are certified by reputable schools. On the matter of everyone being related one will note that there is distinctly not so, as Sands are generally fron Rock Sound, Coopers from Abaco,, Knowles, Ritchie, Mortimer, Long Island...........people are not all related.
Finally some fairness after decades. Investigations are needed not talk. The govt needs to talk to the poor people not the wealthy persons wanting to buy repossessed homes or the Bank Senior Officials. Banks will also have Court Judgments lodged against you for ever and never lose as they have all the money to hire the best lawyers and appeal and appeal and have you pay for losing. jail time for bankers who do wrong.....if a tief can go to jail for tiefing a can of sardine then a banker who mess you ip on a 100,000 mortgage should go to jail. fairness and justice is needed for the majority poor and average at all times, not 2 weeks before election. the rich always take care of themselves.
If you are conducting activities of a bank and you are licensed to be a web shop or internet cafe or taxi service and the corrective measure is to put forward some legislation or write some clauses (which questions why in the first place the govt lawyers could not see thst loophole) is simply not good enough.
The ability to withdraw money from the money supply causes shortgage less liquifity affects the proper functioning of the Legitimate Banking system. Timing is important brcause Banks have cycles they operate on like increasing interest rates to have high liquidity for loans for August vacations or back to school etc. For the Govt through the Central Bank who monitor weekly liquidity from bank returns and after a year plus since the eebshops were doing this to the money in circilation is alarming.
What is even more alarming is where funds on these accounts are coming from and to whom are the recipients. Yet another questionmark becsuse if an island is facing high unemployment and family from another island is sending them money then the govt does not know to help. Actually couples with gambling it is likely that suffering will be pronounced as persons use scarce funds to gamble.
This development now public should make all the persons in any position in the financial policing and regulayory govt salaried positions alarmed.
Of course now public the internagional regulatory bodies and owners and shareholders of banks operating here will note.
The systen should be shut down but then again people are suffering in the family islands. Breeches and violations of the banking act should be dealt with maximum punishments including jail time and maximum fines for all persons involved. Further investigations into the govt officials as to why this was allowed to happen and whomsoever the fault lies with must be jailed.
Lawsuits should be investigated by legal banks as the normal functioning and protections they expect from the authorities was not fully available and given the size of deposits withheld from which they expected to do business was removed from the money supply they faced losses amd suffered.
Bizzare that the airline should be subsidized to undercut local businesses and have Bahamians shop in Miami in an industry where every few years the people have to be taxed to buy new aircraft VERSUS investkng the money in local manufacturing and agriculture where these areas have unlimited growth potential and at the same cutting our import bill.
Well while one can have statistics say what you want it to say suggestions should be made to the Statistics department located in the newly constructed office building believed to be owned by one of the number houses in Palmdale.
The Bahamas actually has more banks than necessary and this is actually also pointed out by a previous Governor. We may not actually benefit if the one(s) to go leave us with the one(s) left. RBC the first Canadian bank has proven to have a tremendous benefit overall.
Where I said the Consumer (Protection) Bureau should be disbanding should instead read be disbanded for an independent agency to supervise and audit the activities of banks.
bogart says...
Thank you for your service..
Creating a political pressure group broadens the base of democracy. Different views are needed particularly in these times where you yourself claim that the two other parties are the same coin.
Bahamians are suffering more than before where VAT has extracted minimum 7.5% from earnings and the poor being the majority are csrrying the load. Persons are being let go, homes requiring hurricane repairs program has stopped, free health insurance cannot continue, 90%debt service ratio to GDP is critical, education bill is $300,000,000 on the Bahamian citizens to educate 60,000 students works out to be $5,000 per year or $1,666 per student per term...more than private school fees,, illegals continuing to invade our Bahamad where Haitian creole is now a second language. 5,000 plus illegals have to be given a jet plane ride back while Bahamians have to be taxed to pay.
From your lessons you should learn, the road for every single leader incl our present PM was never easy. Learn from the comments and hang in there for the sake of broadening democracy. While I may not like what you may say I will fight for you to have that right. All hands on deck needed at this time.
On Branville McCartney to step down as DNA leader
Posted 8 October 2017, 1:20 p.m. Suggest removal
bogart says...
The Development bank, the Bank of the Bahamas and the Bahamas Mortgage Corp.share similar functions, are wholly owned by the public, all located on the Island of New Providence (BoB has additional outlets on Cat island, Bimini, GB, etc) all are struggling.
Remarkedly and bizzarely no politician or no Director of any of their politically appointed Boards or no senior Manager all appointed by the govt has seem fit to amalgamate or merge three into one which will be best.
One rent bill, one lighg bill, one computer dept, one Human Resource office, one Board of Firectors, loan dept, one Collections Dept, etcetcetc. Savings will br enormous to free up time and money.
Other synergies can be had if Mortgage customers with equity and good business plan want to get small business loans, savings customers can be encouraged to get homes, by amalgamating customers in Andros, Cat Island and Bimini can also enjoy wider service to get loans for govt low cost houses etc, loan to farm, tourism craft and souvenir products, losns for lodges, ecotours, businessetc, loans to develop those family islands and possily expand into other islands too. Islands will be repopulated, opportunities created.
Pity what seems to be a simplier project to develop and create development for additional revenue than the implementation of taxing implementing VAT etc has not been tried over the decades and pouring hundreds of millions iwith public money into Bank of the Bahamas and Development Bank and Mortgage Corp and no investigations or noone jailed for wrongdoing.
On BDB given 3 years to be 'self-sufficient'
Posted 7 October 2017, 6:54 p.m. Suggest removal
bogart says...
Was the previous Queens loyal opposition not in parliament when all this was going on?
Bank of the Bahamas did get quick financoal attention and the Bank of the Bahamas which was suing the govt Central Bank of the Bahamas. Investigations should happen and persons if found guilty should be jailed. Two agencies cannot be right att the same time suing and the govt financialy steps in with the peoples money and in this case no public investigations and who is paying the legal fees.
Now that sums of the peoples money are being sought and the majority of the other sode not in power are gone one surely could not blame only those parliamentarians. Again investigations must happen and persons public servants if found guilty must be jailed.
It is stupid to blame a few dpzen MP no longer there and the civil servants who are there always carry no blame.
The same thing happens after each election for how many alternating govts over 20 to 25 years and if the new ones cannot pick up and jail those civil servants obstructing etc then what.
Somewhere somehow there should be some agency to step in and balance what any small opposition size cannot do. Like ombudsman, independent Bank Supervision and Auditing agency, stiffer penalties for white collar crime etc.
On Turnquest: Real deficit $695m
Posted 6 October 2017, 2:57 p.m. Suggest removal
bogart says...
Very good screwedbahamian.
Regretably the pressures for lenders to meet targets of giving out mortgage loans so that the bank officer or team can get bonuses or the basic salary increase is present so that profits can be seen by some official in a foreign country who knows less of the culture, market conditions than the Bahamian loan officer. We follow their approved forms. There may also be instituted by the bank peer pressure not only between Bahamas lenders but among other caribbean countries who may actually know where in the pipeline any loan officers loan is at on a daily computerized basis.
Many if not all loans are marginal with TDSR total loan debt service ratio at 45% and almost always there in not enough down payent forcing one to use an inemnity isurance to cover the a mount above equity reqmuirement. I agree with the loan approval committee which is there in form but then the push to meet targets seem to overcome as everyone has targets.
The use of indemnity insurance needs to be reviewed as the criteria is that the insuror must be informed and steps to sell. The indemnity premium must be investigated to see who gets the commission.
The application forms need to be reviewed to see whether it is in favour of the applicant qualifying and gives the applicant a fair chance of succeeding. Paying rent is not the same as paying mortgage because owning a house comes with an additional set of expenses. The Central Bank should certify forms or rather an independent agency to supervise and audit banks.
When financial hardships arise as will happen at some point during a 20 plus year mortgage there should be more avenues for the loan officer to take rather thsn follow textbook policy procedures to sell. Again there are targets to follow.
Compounding and sdding to defaults apart from questionable financial analysis is the fact some banks also present mortgage customer with a crrdit card to meet anpther target of credit card sold. Also many roadsode shops would then offer easy finsncing of a car or furnitures by salary deduction accelerating default.
Many customers have no recpirse and the wealthy deep pocket banks always win . The system is frsigned on favour of the bsnk. Adding to customer mortgage problem is bad contractors and while the customer has to pay loan payments they must at the same time get another contractpr who charges more plus at the same time have to sue the first contractor after depleating savings on downpayment and bank fees.
Appraisers have different education with the original Appraiser goes to college for 4 years and the employee who is a real estate agrnt who can take courses.. The latter is also apprpved by Bahamas Parliamentry legislation. Yes mistakes are made by anyone.
On Sir Franklyn: Homeowner Protect Act 'a real disaster'
Posted 6 October 2017, 1:50 p.m. Suggest removal
bogart says...
Apart from the view of one wealthy and shrewd buyer or sellers of foreclosed homes there should be the view of the poor helpless and downtrodden.
Huge loan targets are given for local bankers to meet to get a satisfactory salary increase.
Despite over 4,000 mortgage accounts were in default for some one billion dollars in loans no investigation by any govt was ever carried out.
4,000 accounts are usually joint with 2 persons, husband and wife means 8,000 Bahamiana, usually there are 2 kids or more in a house, means 16,000 Bahamians. Parents,sick,physically handicapped,family members might add for total 20,000 Bahamians
When there is a default the is noone to turn to for help. Lawyers want fees and will say there is a conflict suing the hand that feeds them. If the loan officer had given a loan in error noone listens. If the contractor had messed up you still have to pay the loan payment. If the loan officer had left out some financial information to get the loan approved to meet their target noone cares, if the loan officer did not do a good analysis to make sure that if qualified to pay the loan the customer MUST also be able to pay bills and live was not done there is noone to complain to.
so why should there be anyone wanting to just buy the mortgage customer home without any protections afforded to grassroot or any other bahamian.
simple do not give a loan if you do not want to help them.
On the appraiser,banks who have been in business for a long time have a select list of qualified appraisers who are certified by reputable schools.
On the matter of everyone being related one will note that there is distinctly not so, as Sands are generally fron Rock Sound, Coopers from Abaco,, Knowles, Ritchie, Mortimer, Long Island...........people are not all related.
Finally some fairness after decades. Investigations are needed not talk. The govt needs to talk to the poor people not the wealthy persons wanting to buy repossessed homes or the Bank Senior Officials. Banks will also have Court Judgments lodged against you for ever and never lose as they have all the money to hire the best lawyers and appeal and appeal and have you pay for losing. jail time for bankers who do wrong.....if a tief can go to jail for tiefing a can of sardine then a banker who mess you ip on a 100,000 mortgage should go to jail.
fairness and justice is needed for the majority poor and average at all times, not 2 weeks before election. the rich always take care of themselves.
On Sir Franklyn: Homeowner Protect Act 'a real disaster'
Posted 5 October 2017, 7:46 p.m. Suggest removal
bogart says...
You have to be kidding!
If you are conducting activities of a bank and you are licensed to be a web shop or internet cafe or taxi service and the corrective measure is to put forward some legislation or write some clauses (which questions why in the first place the govt lawyers could not see thst loophole) is simply not good enough.
The ability to withdraw money from the money supply causes shortgage less liquifity affects the proper functioning of the Legitimate Banking system. Timing is important brcause Banks have cycles they operate on like increasing interest rates to have high liquidity for loans for August vacations or back to school etc. For the Govt through the Central Bank who monitor weekly liquidity from bank returns and after a year plus since the eebshops were doing this to the money in circilation is alarming.
What is even more alarming is where funds on these accounts are coming from and to whom are the recipients. Yet another questionmark becsuse if an island is facing high unemployment and family from another island is sending them money then the govt does not know to help. Actually couples with gambling it is likely that suffering will be pronounced as persons use scarce funds to gamble.
This development now public should make all the persons in any position in the financial policing and regulayory govt salaried positions alarmed.
Of course now public the internagional regulatory bodies and owners and shareholders of banks operating here will note.
The systen should be shut down but then again people are suffering in the family islands. Breeches and violations of the banking act should be dealt with maximum punishments including jail time and maximum fines for all persons involved. Further investigations into the govt officials as to why this was allowed to happen and whomsoever the fault lies with must be jailed.
Lawsuits should be investigated by legal banks as the normal functioning and protections they expect from the authorities was not fully available and given the size of deposits withheld from which they expected to do business was removed from the money supply they faced losses amd suffered.
On Minister contradicts Sebas with money transfer 'blacklist'
Posted 5 October 2017, 6:22 p.m. Suggest removal
bogart says...
Bizzare that the airline should be subsidized to undercut local businesses and have Bahamians shop in Miami in an industry where every few years the people have to be taxed to buy new aircraft VERSUS investkng the money in local manufacturing and agriculture where these areas have unlimited growth potential and at the same cutting our import bill.
On Bahamasair: $22m loss maker guilty of predatory pricing
Posted 5 October 2017, 11:05 a.m. Suggest removal
bogart says...
Well while one can have statistics say what you want it to say suggestions should be made to the Statistics department located in the newly constructed office building believed to be owned by one of the number houses in Palmdale.
On 'No way in hell' Bahamas can relax on higher GDP
Posted 5 October 2017, 9:03 a.m. Suggest removal
bogart says...
The Bahamas actually has more banks than necessary and this is actually also pointed out by a previous Governor.
We may not actually benefit if the one(s) to go leave us with the one(s) left.
RBC the first Canadian bank has proven to have a tremendous benefit overall.
On Governor: 'Great concern' remains over bank access
Posted 4 October 2017, 3:40 p.m. Suggest removal
bogart says...
Where I said the Consumer (Protection) Bureau should be disbanding should instead read be disbanded for an independent agency to supervise and audit the activities of banks.
On Governor: 'Great concern' remains over bank access
Posted 4 October 2017, 12:44 p.m. Suggest removal