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Jan 17, 2012

Senate debate housing loans write-offs

Godwin Hulse

The write-off of the Social Security Board Housing Loans that was passed last Friday in the House, went to the Senate floor today in Belmopan. It is a program that was intended to provide the electorate with goodies before the elections but is now mired in scandal because of insider trading. That is because management and select staff had applied to get on the debt forgiveness by reducing their loans to the fifty-thousand dollar threshold. The write-off was debated today and there were different perspectives offered in the Senate. According to Senator Godwin Hulse, the write-off of some seventeen and a half million dollars in faulty loans has its roots in a securitization program for which monies had to be borrowed and have to be paid back.   That loan, he says, is consolidated within the Super Bond.

Godwin Hulse, Senator

“If theres a scheme to write off fifty thousand dollars then maybe that scheme should have been across the board [for] everybody.  Or maybe the scheme should have been to write down twenty thousand dollars for everybody and give a year grace period to start to pay again.  Everybody, if you owed a million dollars or if you owe twenty-one thousand or whatever you set in place or if there was six point nine [and] you are prepared to seven, okay how much loans you have seven hundred and eighty-one, no we have nine hundred and something loans.  How would you divide it to get it equitably across the board or maybe do a sliding scale based on income?  There are lots of ways we could do this; these are just ideas Im throwing out.  But the bottom line is Madame President we must remember that at the end of the day we still have to pay it.  At the end of the day that securitization program will continue to haunt us because we had to borrow monies to pay it and we have to pay back those monies we borrowed and its not cheap, its not small, its not little money.  It was a sad, sad, sad undertaking at that point in time because a lot of the big people who are in that scheme benefited with their properties et cetera and so one could say the small people now are getting a benefit too.  All of that we could throw into the mix and at the end of the day were still paying for it and at the end of the day not to have caused any confusion I think there should have been a very straightforward policy and at the end of the day if it was the securitization that we were looking at cause they were non-performing then maybe we should have had a cutoff date.”

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5 Responses for “Senate debate housing loans write-offs”

  1. Lucas says:

    In commenting about the write-offs, the mid-week Amandala Edition wrote in regards to Dylan Reneau: A LOT OF TRADE UNIONISTS BENEFITED….THEY ARE EXTREMELY HAPPY. Looking at the list of names benefiting from the write-off, I came across write-off number 297 with code MOHO 545 and shows the PUBLIC SERVICE UNION AS A BENEFICIARY. No wonder the unions are not striking nor destroying the stairs at Independence Hill in Belmopan. They are extremely happy indeed at the UDP table. Back to the Amandala. This time the editor wrote in regards to Bailey: The problem was that she was taking advantage of information available to her….THIS WAS WRONG BUT IT WAS NOT REAL CORRUPTION. Late last year, in the USA, an inside trader was fined millions of dollares and sentenced to ten years to prison. I can understand that the Amandala’s editor is suffering belly pain for the bro-lees. You see, his dreams of glory vanished and Musa has to pay for it. One must be careful with words because words can kill but hell is going to break and some people will have hell to pay.

  2. nosocialsecurity says:

    its tuff mein, look how the system works. its lot easier for someone toget thousands of $$$$$$$ write off from loans of the hard working people money that to place a claim for disability or hurt on the job. lots of turning around and at the end of the day only a fraction is given to you if u succeeded.

    i wonder what this pm is thinking…..i dont think he is making the right choices……

    better could have been done if he so want to help the more mass of people………he needs to go back to the drawing board…..its totally unfair to the poor people. the rich getting richer and the poor getting poorer.

  3. lino says:

    they didn’t even show saldivar in is 15 minutes of real fame lollllllll

  4. Concerned says:

    Lucas, UDP bought the unions before they won, they were promised all of this before and now Barrow is paying them back to have gone and broke up the stairs at Independence Hall. You wonder why the Unions were quiet during the passage of the Ninth Ammendment? Infact any PUP who wants to gain mileage, go research which union presidents are getting their loans written off. Unionism is political, and has failed its members.

  5. ABC says:

    The whole thing is unfair to the people they quote they’re helping. First of all, poor people could never qualify for a mortgage much less qualify for a write off. We struggle everyday to make ends meet and thats because we have kinda decent jobs, but when we see this list of needy people.. Can u say how is it that they determine these people needed a write off?? I see some of them around and believe u me, they dont need this, they can afford to pay, so let them pay.

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