Government borrows $60 million from NIB for 125 houses.
That’s $480,000 for each house!
Not to mention the fact that these funds are being “borrowed” from NIB, (our social security fund), and will probably never be paid back.
Oh, and isn’t the Bahamas Mortgage Corporation technically bankrupt? So why would anyone buy mortgage backed securities from them? Remember the US Housing Crisis and Freddie Mae and Fanny Mac?
What’s wrong with this picture?
By: Rick Lowe
www.weblogbahamas.com
I’m thinking the 60M can’t just be for constructon of 125 homes, and includes funds for the Mortgage Relief Program by The Ministy of Finance. How could they justify building luxury homes when decent families (like mine) who’ve been in theirs for decades risk losing everything? There has to be more involved.