NASSAU, Bahamas — As he made an impassioned plea for Bahamians to take care of their financial obligations, Deputy Prime Minister and Minister of Finance Peter Turnquest said the Bahamas Mortgage Corporation is “insolvent” if it were not for the government’s guarantee of its debt, with 47 percent of its loans in arrears, The Tribune reported October 4.
He was speaking in the House of Assembly yesterday during debate on a resolution to acquire a tract of land that would facilitate the relocation of the BMC.
The debate came against the backdrop of the BMC’s recent repossession of homes of people who have accumulated arrears for a number of years, a move the Progressive Liberal Party has condemned as “cruel”.
The number of loans being repaid right now to the BMC is 2889, 1366 of which are in arrears.
The value of the loans in arrears is more than $34m. http://www.tribune242.com/news/2018/oct/04/money-nothing-mortgage-corp-borrowers-half-wont-pa/
