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Jan 13, 2012

Heritage Bank, DFC Housing write-offs a possibility

At today’s House meeting, aside from the reduction in electricity rates and the S.S.B. write-offs, the prime minister gave a hint that debt forgiveness could possibly extend to DFC mortgages.  That is only under consideration, but with elections not far away; that may be one more plum to the electorate. Both the leader of the opposition and the former prime minister made it known that it is the P.U.P. that afforded house owners the opportunity to own a house. Here’s a report by News Five’s Jose Sanchez that looks at the prime minister’s election incentives.

Jose Sanchez, Reporting

The gallery was filled with U.D.P. supporters who were bussed into the capital. Aside from utility and loans, everyone wanted to know whether or not the General Election date would be set.

Dean Barrow

Dean Barrow

“We come along now and we give you relief and you say, you know what, bwai we can’t praise you for saving the Belizean people because if we neva gunshot them in their head, you couldn’t operate on them and save them. That is the kind of thing these people on the other side are saying. Mr. Speaker no time to waste; this is a government on the move. They’re kinda worried about when this election will be called. You want I call it? Huh? Unu mi di panic. Unu come to the house thinking you would hear it resolved and the election date fixed? Why you want I call it; to put you out of your misery?”

The phrase of the day was write-off, SSB Write-off and even a hint of future DFC write-offs.

Dean Barrow

“Being always for the people, we can promise today that there will soon also be a form of assistance with the DFC mortgages. Let me be clear, I don’t know if it will be a complete write-off whether it will be a lowering of interest rates or a combination of both. So I can’t go beyond saying assistance there will be in one form or the other.”

Mortgages from 1999 that were managed by Heritage bank in the tune of 403 thousand dollars are also slated to be written-off.

Dean Barrow

“The discovery now of about seventeen loans that they actually gave to Heritage Bank. There are seventeen such loans—all for relatively small amounts: thirty thousand, seventeen thousand; that sort of thing. Again the total value of those mortgages is about four hundred thousand dollars—most of them are non-performing—so we are coming to house now to write off those mortgages for those seventeen or so persons.”

Francis Fonseca

Francis Fonseca, Leader of the Opposition

“Any relief offered to struggling homeowners who are for the most part unable to meet their mortgage obligations is welcomed and supported. In fact, the great majority of the persons benefitting from the government write-off are individuals who were given an opportunity to be first time homeowners under the P.U.P.’s housing expansion and development program. And similarly as the Prime Minister has conceded, it was the P.U.P. government who in fact put in place the financial structure that now affords this government the opportunity to offer the write-offs by way of funds due and owing to government from the Social Security Board.”

Said Musa

Said Musa, Fort George Rep.

“It is the P.U.P. that did all the heavy lifting so that now the U.D.P. government can be generous with assets created by the P.U.P. and of course it is being done now in a last ditch, desperate effort to try and win votes from these poor people who have been neglected and abandoned for four years. Now that the election is drawing near, the U.D.P. is trying to take advantage of situation: dishing out, bursting the piñata—yes becoming a piñata campaign now—free ham and turkey, write off the mortgages, dish out the cash.  In other words, the housing department and the representatives of the U.D.P. and the social security fund now has become one big piñata; one big piñata to dish it out.”

John Saldivar, Minister of Sports.

John Saldivar

“Mr. Speaker I really have to say that I sense a hint of jealousy. Jealously on the part of the former Prime Minister that when he was Prime Minister, all he could preside over is corruption, corruption, corruption.”

Of course no House Meeting is complete without the exchange of a few choice words, in this case, definite articles.

Dean Barrow

“There was a famous literary feud between the critic, Mary McCartney and the playwright, Lillian Hellman. And Mary McCartney said about Lillian Hellman; every word Lillian Hellman writes is a lie including the words ‘and’ and ‘the.’ Every word my friend says is a lie including the words ‘and’ and ‘the’ and you will understand therefore why I pay him no mind.  In terms of leader of opposition, Mister Speaker, I can’t sit down without saying that I am at a loss to understand how the leader of the opposition can say that what we are doing today is as a consequence, is a sort of beneficial consequence of what the P.U.P. did when it was in office. I’ve said to you that part of the motivation for doing this program is because of the countless complaints from people currently with S.S.B. mortgages who were not informed or consulted when their mortgages were bundled up and sold to S.S.B.”

Reporting for News Five, Jose Sanchez.

A government guaranteed loan for Telemedia was also tabled to the House. Eight million U.S. dollars were approved for upgrading Telemedia’s equipment so the company can install a 4G network later in the year.

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Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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4 Responses for “Heritage Bank, DFC Housing write-offs a possibility”

  1. concerned says:

    Why do i wwnt a 4g network if internet rates are still high!

  2. WESTERNMERMAID says:

    PLEASE PM LOOK AFTER THE DFC HOUSING LOANS PLEASE, IT WAS SURELY BE APPRECIATED IF YOU WRITE IT OFF, THESE PUP HOUSING WERE VERY EXPENSIVE, ONLY THE INTEREST IS DOUBLE OF THE PRINCIPAL.

    PLEASE MR DEAN BARROW, WRITE OFF DFC HOUSING LOVE, GOD BLESS YOU SIR

  3. Earl Grey says:

    This SET A BAD EXAMPLE…. USUALLY YOU HAVE TO WORK FOR WHAT YOU GET.

    Now Belizeans WILL BE EXPECTING THIS TO HAPPEN AGAIN. And how should the hard working taxpayer feel watching other people get a bailout.

    THAT MONEY SHOULD BE USED TO BENEFIT ALL BELIZEANS… NOT JUST A SELECT FEW!!!
    They could have built

  4. BeReal says:

    What about lowering interest rates for all housing loans so many more Belizeans benefit? Instead of these right offs, force the lowering of interest rates so that we can continue to pay but mortgages we can afford. We are all struggling not only the SSB and DFC crowd.

    Whats good for the geeze good for the gaunder. (Lowering interest rates wont cost the Government of Belize and tax payers.)

    Stop give free stuff. Just lower the interest rates.

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