EDITOR, The Tribune.
DISTRESSED mortgages and repossessed mortgages - why can't we do something that will be rational to stop the potential of killing the real estate market?
Looking at the initial announced PLP plan, one immediately sees where the PLP is coming from as the spirit behind the proposed solutions a-typical PLP caring for the less fortunate.
The FNM response be it that basically there was no response except Duane Sands, chairman, Mortgage Corp basically ridiculed the PLP plan but I recall just weeks ago wasn't it the same Dr Sands who announced how serious the delinquencies were at Mortgage Corp.
The 'Market Force folks' - well what do you expect of them but in that this issue is so large and across all sections of the market if nothing is done and the market force approach happens I suggest the collapse of the whole Real Estate market across the board will have such consequences that even the Market Force disciples will be screaming to government - SOS! Save our souls, now! You see when it hits your own property you feel it!
What is the term when you or your bank gets into fiduciary problems? Who will get the hardest haircut!
There are depressed, reposed properties in every sub-division at every price level across the whole of the Bahamas, but especially here in New Providence and Grand Bahama - it could be over $400 million now with a further potential of a matching amount on the brink if the economy does not turn radically around very quickly.
Why can't the Mortgage Company accept to receive payments of interest only or principle only for say the next three-four years?
We cannot simply look the other way.
W THOMPSON
Nassau,
April 10, 2012.
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