$52 million worth of housing mortgages will be written off
michael finnegan
As we reported earlier in the week, the Ministry of Housing has amassed a huge stack of non performing mortgages; in fact it has about fifty-two million dollars worth of unpaid housing loans. According to Housing Minister Michael Finnegan, the dust on some of these loan portfolios can be dated back twenty years. Finnegan says that his ministry, with the approval of cabinet, may write-off a substantial amount of the loans that were made by low income clients.
Michael Finnegan, Minister of Housing
“We are in the process of evaluating some fifty-two million dollars worth of mortgages that we have there at the Ministry of Housing with the intention to alleviate the poor and the suffering people out here of some of those mortgages. But at the same time when we go through the mortgages and of course those who can pay, we will have them pay. But the intention is to live up to the government manifesto policy of relieving people of housing burden and of housing mortgages, poor people that cannot pay.”
Jose Sanchez
“How far back are we looking at for this period of mortgages?”
Michael Finnegan
“We’re talking about some twenty years and it has all piled up over this period of time and it’s time now for we to do something about it.”
Dean Barrow, Prime Minister of Belize
“There comes a point at which you have to face reality. If there are loans that have been completely non-performing for ten or fifteen years, it has become clear that there’s simply no way of collection from those people. In that context, I don’t see that government can for much longer avoid the possibility of doing a formal write off.”
Prime Minister Barrow also pointed out that the Belize Social Security Board also has non-performing mortgage loans. However, any write-offs designated for the Ministry of Housing, does not mean the same actions will be applied to the Social Security Board’s accounts.
Congratulations for helping the poor people in belize. After all its the peoples money. By the way hopefully these apply to all belizeans and not only to those party cronies. Once again congratulations.
corruption corruption corruption udp and this pm says he thinks the bank will be ok they made such a big stink when pup had 10million from venezuela well that was money given to belize now we are talking about fifty something million millionnnnnnnnnnnnnnn dollars and the pm says he thinks thinks that is no problem have you ever heard such an assenine comment where has all this money gone no accounting for this money udp doesnt even know who the money was given to wowwwwwwwwwwwww i smell another big dead charlie price come on media do your job dig into this make this gov and this pm account for all this money.
Again the hardworking tax-payers must take the bill for this mismanagement of public funds. The government need to start hire qualified individuals to head these departments and operate like a private company. Anyone ever see any Bank writing off any loan for borrowers? No….because they have qualified people looking after their interest….people that will secure solid collateral in case the borrower no meet his/her payments. When will the government departments stop give away Tax-payers money? What happen to those honest struggling borrowers that make a sacrifice to pay their mortgage faithfully because they know that a shelter over their head is as important as food on the table? The minister should try re-negotiate better interest rate for loans so that poor people try help themselves instead of we the tax-payers having to take on their burden everytime. $52million could be used to educate children to have better morals and dignity in themselves to stop expect handouts and blaming poverty!
This is great but should be overall for everyone that has a mortgage presently. Some people in poverty here in Belize, chooses to live that way. I hope it is spread across the entire country to help everyone out!
No one chooses to be poor, some people cannot figure out how to break the cycle. Belize Central bank loaned 450 million to 9 corporations, our elected officials always have some BS reason for their slight of hand shenanigans & the money never gets returned.
How inefficient are we that it takes 20 years to notice that someone is delinquent on their mortgage? We need to start hiring based on knowledge & ability, this cronyism is making us look stupid.
Come on Finny-hand…. no lie mein. I want to know which poor people owend houses, you are making an … of yourself. This money is for you to write off your family and friends mortgages, come on breda. You really expect we fi believe this.
Another “cover up”, write off bad debts, WOW!!! I wish I had wah house, I bet it would’ve been in forclosure before the government would assist.
IF THIS IS THE ROUTE YOUR TAKING MAKE IT PUBLIC, PUT IT IN THE NEWSPAPER, LET US SEE WHO AND HOW MUCH THE GOVERNMENT FORGIVE THEM FOR. THAT WAY WE CAN CORRESPOND THE DATA WITH YOUR STORY.
They should publish who will benefit from it. mek sure its not their political cronies! If its the poor…no prob
How could the representative of a nation that is so financially strapped come up with an idea to write of loans for millions of dollars. Even the riches countries in the world try to find a way to get back money from individuals that are delinquent. Is Belise that rich thay they do not need the money and they can just write off loans for MILLIONS OF $$$$$$$$$$$?.
SUGGESTION: Make some kind of arrangements with these people to pay a lesser amount in this bad economic time and as things gets better they start paying more.
I smell a rat here, as usual some fat rat will be getting the benifits of this. This is setting a bad preciident and all other home owneres will think that its ok to be delinquent because sooner or later it will be written off.
THIS IS A REALLY, REALLY BAD IDEA; RETHINK THIS
I bbelieve that these were mortgages that goes back as much as 20 years… How long has Finagan been minister of housing? I do think that it is a good idea to publish these names in the new paper to see who these people are, wheather poor or those who able to pay on their loans….After all it is the tax payers money. Congratulations on bringing this to the notice of the public, we need more transparency…
I think it is time that government does something like this there are alot of poor people in Belize that cant even put food on their tables for their kids. Some of the houses that Mr. Finnegan are talking about are in horrible conditions that weren’t properly built and they are still expected to pay thousand and thousand of dollars for. Take a stroll around Belize and observe some of the houses that government gives to the poor ppl and are still expected to pay big money for. When a good rain or strong breeze blows the whole interior of the house is filled with water from the rains and the foundation cracking from the cheap work.
What BZNinCALI stated above is the real issue! “How inefficient are we that it takes 20 years to notice that someone is delinquent on their mortgage? We need to start hiring based on knowledge & ability, this cronyism is making us look stupid.”
First of all, government loans shouldn’t be given to unqualified people who are sure to default. Second, these loan payments should be monitored closely, after ten years cannot be considered any type of monitoring. What the heck people at that ministry are doing all day? Facebooking? Or should i say Hi5, since that was what was popular back in those days.
Yes it’s good that the poor will benefit but we all know that it’s better to ‘teach someone to fish than to give them fish’, therefore stop promoting laziness! Ok GoB, your slate is going to be wiped clean, i hope you can do a better job now! Who is going to be in charge of it? I hope you hire someone qualified! Not a friend that didn’t even attend highschool or has no knowledge in that field.
Read my recent post: WHO SAID I WASN’T PAYING ATTENTION? http://bit.ly/9znB4C
Is he setting up for the next election?? VOTES IN THE BAG??? ……At least for THE PARTY.