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Jan 6, 2012

House will approve housing write-off

The House of Representatives is being convened for next Friday and speculation is that the prime minister may drop a bomb. PM Dean Barrow will also seek House approval to write off over seventeen million dollars in housing loans with the Social Security Board. According to the PM, the government will spend in the range of six million dollars to acquire the loans made to over seven hundred persons, each worth fifty thousand dollars and less. And now according to one report, top management and staff members of the social security will also be included in the pool. The staff members got loans at concessionary rates—eight percent on the declining balance—which means that they pay lower interest rates than other mortgage holders.  The loans are granted to the staff from the contributions paid by all workers and employers. And according to the report, some select staff members who owe above fifty-thousand dollars will also qualify in the write-off, including mangers at the very top.  They are beating the system by going to commercial banks with S.S.B. recommendations to get loans to pay off any amount owed above the ceiling of fifty thousand dollars. We called Social Security Board today but no one was available to comment on the report.

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9 Responses for “House will approve housing write-off”

  1. Storm says:

    THERE’S NO FREE LUNCH. Why should you and I work and pay taxes so the Assembly can make gifts of houses to a select few?

    That’s a form of slavery, or Communism if you prefer. The many are FORCED to work for the benefit of a few.


  2. meseh says:

    Instead of the Government doing this ,why doesn’t he go around finding unemployed and needy families and helping them out. This is a ridiculous way of giving. Most of the persons have the mean of paying back what they owe.

  3. servivour says:

    why dont the govermen help poor ppl get a house ?

  4. Justice says:

    This is ludicrous! They should pay. What about the honest citizens, will they be given free money too? Just an election scam.

  5. tyberry says:

    What about people with DFC loans? come on now what is good for the goose is good for the gander.

  6. Sasha says:

    While I do understand that times are tough people have always survived, giving away money for home loans is not a means of survival, lowering the interest rate would help. Barrow if u want to be a humanitarian collect the money owed by these people and give it to the needy (i.e. hospitals, schools, villages) homeless shelters.

  7. JahKid says:

    I deh with tyberry. Even if it is a 12,000 off. I’m struggling in sending my kids to high school and UB. Ah neeeddddd help toooooo

  8. Lysa says:

    Wonder where I could get a lee loan or financial aid. have two kids in 6th form but have to take them out , no moni nuh deh and the banks wont lend me any more. and the area rep is nowhere to be found. HELP OUT THERE??????

  9. subKonshus says:

    We don’t need to imagine the possibilities…We are living the realities. Imagine, SSB Employees don’t contribute to Social Security Scheme…..they are privileged to barrow against the contributions at rock bottom rates…..then The GOB will write off the loans. F&*# that!!! Where is the justice…..

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