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Jul 6, 2012

Senate discusses $2 Million DFC Housing Write-offs

Mark Lizarraga

As we reported earlier in the week, the Senate met for the first time since the March seventh General Elections on Tuesday to discuss three bills that have been put on the table by the House of Representatives. Among the proposed laws is a motion to write-off a little over two million dollars in non-performing housing loans within the Development Finance Corporation’s mortgage portfolio, to be assumed by the Government of Belize.  The purpose is to provide debt-relief to low-income, credit-worthy borrowers; however, the initiative has been met with mixed reaction from members of the Senate.  Newly appointed senator Mark Lizarraga, who represents the business community, believes that the suggested write-off is disproportionate since it doesn’t take into consideration borrowers who are meeting their loan obligations.


Mark Lizarraga, Senator, Private Sector

“There is some inequity in this because there are people that are struggling today, as we speak, to meet their mortgages, to meet their commitments, to meet their loans.  What are we doing to help those persons that are trying to be good citizens that are trying to meet these hard times with dignity?  I suggest Mr. President that we find a way not to give these people a handout but to give them a way out.  I propose Mr. President that we seek to try and enable them to renegotiate the terms of their loans, especially in view of the fact that most of them, in reference to the residential sector, did in fact comply up to 2012.  I suggest we can consider perhaps even waiving interest but certainly extending the period of time, lowering the interest rates perhaps and giving them an opportunity to service their loans with dignity.  Mr. President, I cannot certainly support all the write-offs in the residential sector.  I certainly would ask that we re-look at this sector more closely, certainly that we require more information as it refers to the Mahogany Heights.”

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6 Responses for “Senate discusses $2 Million DFC Housing Write-offs”

  1. Storm says:

    Here’s a contradiction in this brilliant plan: They say the loans are “non-performing” [not being paid!] AND the borrowers are “credit-worthy.” THEY CAN;T BOTH BE TRUE.

    My suspicion is that there are some UDP folks being rewarded in there, and other people were tossed into the pinata to obscure the truth.

    Again, here is the government making a GIVEAWAY of the people’s money on an unfair basis. If it’s not illegal, it should be. [Sure, I know that whatever the National Assembly says is “legal,” but injustice should not be the practise of our leaders.

    If other people don’t perform on their home loans, they lose the home and someone with a better record of paying his debts will buy it.

  2. Rod says:

    I agree fully .

  3. Karlita says:

    I also agree

  4. BMNJ says:

    GOB will need to release the names of all the benefactors and let the public see how fair this “game” is being played out. Thou shalt be TRANSPARENCY.

  5. GregN says:

    this is good, somebody is thinking in the senate

  6. Fommonvip says:

    Please Help a Small Businessman and His Family

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