Time to pay up, $50 million in loans and mortgages not performing

If you’ve received a loan or housing mortgage from the Housing Department over the past ten years and have not been paying up, beware, that may soon have to change. The Housing Department will begin to review the records of mortgages and home improvement loans that have been issued by the Government.  The initiative comes on the advice of the Minister of Housing, Michael Finnegan. A press release from the Government’s Press Office states that government will attempt to recover fifty million dollars in loans and mortgages. As much as ninety percent of the almost seven thousand loans and mortgages, are said to be are non-performing, some which were issued without proper securitization and documents.  A team, appointed by the Minister, will comb through the voluminous documents and those that can afford will have to pay up, but the loans held by those persons that can’t, will be written off.  The research is expected to be completed during the first four months of 2011.  When it is completed, Minister Finnegan will submit the findings to the National Assembly.