{"id":21938,"date":"2012-05-22T10:02:49","date_gmt":"2012-05-22T14:02:49","guid":{"rendered":"http:\/\/www.bahamasb2b.com\/news\/?p=21938"},"modified":"2012-05-22T10:39:47","modified_gmt":"2012-05-22T14:39:47","slug":"christie-throws-caution-to-the-wind-with-mortgage-plan","status":"publish","type":"post","link":"https:\/\/www.bahamasb2b.com\/news\/2012\/05\/christie-throws-caution-to-the-wind-with-mortgage-plan","title":{"rendered":"Christie Throws Caution to The Wind With Mortgage Plan"},"content":{"rendered":"
\"Perry
Photo by Tim Aylen for BIS<\/figcaption><\/figure>\n

Prime Minister Perry Christie said yesterday his government will go ahead with its mortgage relief plan despite harsh criticisms from international credit rating agency Moody\u2019s.<\/p>\n

Christie said while he took note of Moody\u2019s concerns he was satisfied that the PLP proposal is a sound one that will not put the country\u2019s economic recovery at risk.<\/p>\n

\u201cWe\u2019ve always indicated that our plan was well thought out, well considered, that we had consulted some bankers in The Bahamas on it and other experts and that in any event in moving forward as a government once we have an opportunity as we now have to serve as a government everything will be done on strict consultation and to serve the best interests of the Bahamian people,\u201d he told The Nassau Guardian after a church service at Zion Yamacraw Church to celebrate his party\u2019s election win.<\/p>\n

\u201cSo I noted what Moody\u2019s had to say. Obviously, I would have loved the opportunity to have been confronted with that and an opportunity to speak to them about it \u2013 we will.<\/p>\n

\u201cBut again as a government we\u2019re moving forward and we\u2019re moving forward with the program we were elected upon.\u201d<\/p>\n

Last week, the ratings agency warned that the PLP\u2019s plan could derail the country\u2019s economic recovery and cost taxpayers up to $250 million over the course of five years. Moody\u2019s also predicted that the PLP\u2019s plan would create \u201can element of moral hazard\u201d into the finance and housing sector by increasing mortgage delinquencies.<\/p>\n

The PLP\u2019s plan calls for banks and other financial institutions to agree to a 120-day moratorium on foreclosures and to write off unpaid interest and fees on mortgages facing foreclosure. The PLP also pledged to guarantee the interest payments of the affected borrowers for five years until 2017.<\/p>\n

The PLP has also promised legislation to protect homeowners who have already paid more than a certain percentage of their mortgage.<\/p>\n","protected":false},"excerpt":{"rendered":"

Prime Minister Perry Christie said yesterday his government will go ahead with its mortgage relief plan despite harsh criticisms from international credit rating agency Moody\u2019s.<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[12],"tags":[29,98,40,60],"class_list":["post-21938","post","type-post","status-publish","format-standard","hentry","category-headlines","tag-economy","tag-financial","tag-government","tag-plp"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/21938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=21938"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/21938\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=21938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=21938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=21938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}