Tourism Minister rails at banks over repossession

| 23/06/2022 | 296 Comments
Cayman News Service
Tourism Minister Kenneth Bryan on Facebook

(CNS): Tourism and Transport Minister Kenneth Bryan has posted an emotional video on social media in which he rails at the banks for seizing homes from Caymanian families at an economically challenging time. He accused them of being heartless and ruining the country, and outlined an example of this he had just learned about. The minister said some bank loan officers needed to “take a morality check” over what was happening.

Bryan said that one of his constituents who had fallen behind on mortgage payments had lost her home, even though she found the money she owed. Bank officials had told her they were continuing with the repossession because they had already received an offer on the property and decided she was a high-risk customer.

The bank had taken the arrears money that someone had lent her, but had then made the decision to throw the single mother and her children out of their home anyway, he said.

Bryan said this was the law and there was nothing he could do about it. Despite being a member of Cabinet, which has the power to change laws, he said he was only one person, implying that the rest of the government’s inner circle does not support banking legislation reform. He urged people to lobby other MPs and to share the video on social media.

The minister urged people to watch the banks, warning that these institutions were coming for people’s homes. He said that homeowners were having difficulties paying mortgages because of the increasing cost of living and it was up to the government to figure out a solution.

“We are doing our best,” he said. This situation was not because people were being irresponsible but caused by the fallout from the pandemic, he said, noting that the global economy has put people in a very difficult situation. But the banks did not care about that, he said, adding wryly that they might care if the kids impacted by this grow up to be bank robbers because of the instability created by the banks’ behaviour.

Bryan warned that this constituent was not the only one being impacted. “If things get any harder, I can see the banks coming,” he said, recalling how the banks had taken many people’s homes during the last difficult economic period.

Tearful and angry, Bryan said that in due course he would be naming the bank in question, but he urged all of the local financial institutions to reflect on their moral compass and accused them of undermining society. “If you guys want to continue to screw up our country, I hope you live long enough to see the effects of what you do,” he said.

Bryan said he was only one of 19 elected representatives and urged the people to use their power and put pressure on MPs to ensure there are laws in place to protect homeowners.

“These banks are going to start coming for their money. They don’t care about recession and they don’t care about you or what’s going on in your family,” he said and warned of much more difficult times ahead.

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Category: Banking & money, Business, Local News, Politics

Comments (296)

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  1. Rick says:

    At least one bank official in a major local bank has gotten rotten rich from seizing property in the last economic downturn and either selling to his friends and family or some other entity while being one of the ultimate beneficiaries, using every inside knowledge and rules bending he can find. Smart alec is known to boast about how smart he is. This is well known in the bank, but never-the-less, it continues. Some of his colleagues are sickened by his behaviour. I am sure he is not alone. Brian is right and I commend him enormously for caring for our people. Fighting from the heart, despite the arrogant and ultimately uncaring detractors who keep finding every excuse to put him down.

  2. Anonymous says:

    How cruel and heartless of the gas stations to expect a working mother barely making ends meet to expect her to pay for a tank of gas so she can get to her three jobs!
    How utterly mean of the insurance companies to expect a person out of work to pay their insurance premiums!
    How diabolically evil for government to charge a down and out person for a trade and business licence or a driver’s licence or for ANY licence!
    How fiendish for CUC to expect a person in dire financial straits to pay their power bill!
    How repugnant, cold and uncaring for Water Authority to demand that the destitute pay for water!
    How hard-hearted for salon owners to give a bill to an unemployed woman when she gets her nail refills!
    I am FED UP to HELL with these heartless predators and I tearfully and angrily DEMAND that government figure out a solution to all businesses that are so lacking a moral compass that they expect to remain solvent!

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  3. Anonimous says:

    While it might be expensive for the Government Monetary Authority Banking Division to create a department to require that all Mortgage Foteclosure Section 64 and Section 72 Notices to be registered to be monitored and ensure that the local laws for Home Owners are followed

    In-addition to this, the Government can also require that all banks pay a cost of$300 to $500 like the Insurance Companies do to register all bank loans as a binding legal agreement

    This Loan and Mortgage Cost could provide our Government Monetary Authority Banking Devision with additional income to sustain the cost associated with the expences to create a Loan and Mortgage Registery Department

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    • Anonymous says:

      Great idea! So maybe it can become a legal requirement for all mortgages to be registered and an ad valorem tax paid on all sums loaned by the banks. Maybe call it a “Stamp Duty”? What do you think? Brilliant, huh? An assessment could be made, say, between 1% and 1.5%, depending on the sum loaned.
      Uhh..wait…
      Drats!
      That is already being done.
      Damn! Who woulda thunk?

  4. Anonimous says:

    A Government Regulating Department in the Monetary Authority Banking Devision requiring Bank Foreclosure Section 64 and Section 72 Notices be registered would certainly level the playing field ensure that the banking foreclosure land la notices are monitored and enforced……..

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  5. Anonymous says:

    Banks are heartless for trying to make a profit and not going Bankrupt? Hotels are heartless for trying to make a profit and not going bankrupt? Is everyone who is not directly feeding Kenneth and “his” people heartless? Yes. Yes we all are. I can live with that.

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    • Rick says:

      This is not a bank problem per se. I believe a lot of it is corruption involving bank officials. But the banks allow it to take place and in that regard, they are responsible.

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  6. Anonymous says:

    “Tearful and angry,” Bryan, Minister for Melodrama and Flatulence, is blowing baxide gas again, and he appears to have a real talent for doing so. But then, all of PACT have honed that talent to an acrid edge. He claims there is nothing he can do about it. “Despite being a member of Cabinet, which has the power to change laws, he said he was only one person, implying that the rest of the government’s inner circle does not support banking legislation reform.” I call bullchit on this! He CAN lead by example. He makes a very posh salary. He can show the humanity that he claims banks lack by offering to intercede with the banks and, for a couple of his most disadvantaged and needy constituents, he can sign to guarantee the loan until the person gets back on their feet. Here is the challenge to call his hand on this: somebody, just ask him if he is willing to do this, to show some humanity and help at least a couple of fellow human beings in need. Who here thinks he will do it? If he does it, it might shame the rest of the Panton-PACTless Clown Car to get on board. Panton owns a bloody yacht and makes an even more extravagant salary. But does he really care about a poor single mother of several children losing her home? Does Bryan? We shall see what Bryan is made of. Lead the damn way, Kenneth!

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  7. Anonymous says:

    People need to stop sending money in bars, hair ad nails Saloons

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    • Anonymous says:

      And the bars, hair and nails saloons need to stop being so damned cruel and must stop expecting cash-strapped people to pay for their products and services. Kenneth needs to go off on another tearful and angry tirade about these heartless businesses.

  8. 345 Mafia says:

    Dearest MP Bryan ask our illustrious deputy leader Chris bout Dat cause some of he top supporters mix up in this foreclosure scam .

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    • Anonymous says:

      People need to stop sending money in bars, hair ad nails Saloons

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    • Anonymous says:

      Cayman had the foolish stupidest voters in the free world. Facts are facts.

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    • Rick says:

      I agree!!! Know of that personally and I am sick of it, although I support Chris. I think he is authentic but mistaken in not addressing this problem, especially among his ‘friends’.

  9. Anonimous says:

    This is not strange for retail banks with regional head offices to foreclose on homeowners unfairly

    I had a mortgage with one retail bank who’s regional head office is in Barbados, but moved there collections for none payment to the Bahamas because the international bank was suffering from major or significant losses in Asia, Africa and the Caribbean

    Despite the responsibility of there collections for none payment being in Bahamas, I received foreclosure correspondence from the Barbados head office for being one month in arrears or for not making one months payment and despite pionting out to them that the Cayman Islands has land laws “a section 64 and a section 72 land law” that stipulates that by law, a home cannot be foreclosed on until after missing nine payments, they ignored my rights and the local laws and proceeded with the foreclosure

    To make the problem worst, the local police was sent to my home, threatened to slap me and pull there guns on me and told me to leave, to get a divorce and leave

    Therefore, we need some government agency to be established to not just monitor, but to enforce the section 64 and section 72 land laws and ensure that the banks with regional head offices are complying with the local foreclosure land laws and stop treating people unfairly 

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    • Anonymous says:

      Why the hell would they tell you to get a divorce? More to this story than you’re letting on for sure.

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  10. Anonimous says:

    This is not strange for retail banks with regional head offices to foreclose on homeowners unfairly

    I had a mortgage with one retail bank who’s regional head office is in Barbados, but moved there collections for none payment to the Bahamas because the international bank suffered major or significant losses in Asia, Africa and the Caribbean

    Despite the responsibility of there collections for none payment being in Bahamas, I received foreclosure correspondence from Barbados head office for being one month in arrears or for not making one months payment and despite pionting out to them that the Cayman Islands has land laws “a section 64 and a section 72 land law” that stipulates that by law, a home cannot be foreclosed on until after missing nine payments, they ignored my rights and the local laws and proceeded with foreclosure

    To make the problem worst, the local police was sent to my home, threatened to slap me and told me to leave, to get a divorce and leave

    Therefore, we need some government agency to be established to not just monitor, but to enforce the section 64 and section 72 land laws and ensure that the banks with regional head offices are complying with the local foreclosure land laws and stop treating people unfairly

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  11. SKEPTICAL says:

    mr bryan – do not comment on a subject for which you have neither qualifications, nor experience – and please dispense with the ‘ crocodile ‘ tears. As for suggesting that growing up in this current era of privation could lead to Cayman youth turning to bank robbery is not only laughable, but incredibly insulting.
    Banks do sometimes expose themselves to justifiable criticism, but our current situation is not of their making – rampant inflation to a degree in consequence of a war in Ukraine, resulting in dramatic interest rate increases as a counter measure, to levels we have not seen for a VERY long time,
    In a perfect World there would be no disasters – natural or man made – but it ain’t and we have to accept that leads to all sorts of unpleasant situations with which we have to cope.

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    • Anonymous says:

      Kenneth, I have been homeless and I have been hungry.
      I did not resort to selling drugs, or to stealing….. I looked for a job, any job so I could eat. I ended up washing dishes and working in restaurant kitchens, while I looked for the next step on the ladder.
      Those are the lessons and example you should be setting, instead of blaming everyone who is successful for the ills of those who can’t be bothered.

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    • Anonymous says:

      Mr Bryan in case u didn’t know the money in the Banks belong to the people that have money there and if the Bank dont take care of their money and go broke the peopke lose their money.

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  12. Anonimous says:

    The Federal Home Loan program in the US is designed to give Americans affordable home ownership.

    The FedHome Loan Centers is dedicated to empowering you with sustainable home ownership solutions.

    They provide you with not just housing solutions, but also expenses that come along with purchasing a home like home insurance

    https://www.fedhomeloan.org/

    Its time that we stop reacting to economic shocks and get in touch with our creative thinking by researching proven methods that work

    The Pandemic is just about over and the Temporary Pension Assistance the PPM put in place for people to draw from there Pension to ease the financial burden on families have now all been spent and now its back to reality

    Our Government need to offer Home Owner Insurance with unemployment benefits that will pay mortgages like the US Federal Home Loan Insurance Program

    As Interest Rates rise, Cost of Living increase and the Inflation affect us, we are going to see a surge of home foreclosurers and repossessions, with a potential wave of people being layed from businesses that are struggling.

    Therefore, we are going to also see an expected increase of Bank Losses and Delinquent Loans Written Off that may force some banks to close

    Hence, its important that with our Government preparing to introduce Auto and Home Owner Insurance, that they include an Unemployment Benefit in its Home Owner Insurance Program to ensure that the banking home owner consumers and the banks have an option to survive during the next projected and expected recession

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  13. Anonymous says:

    I read some of the comments here and find it so ironic that Kenneth Bryan’s bad behaviour has been highlighted because the bullying tactics displayed by some of you is likewise very distasteful. He is certainly no angel but neither are you all and while he might not have gone about things the way we may have I respect his compassion and desire to help. Just stop the hatefulness guys.

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    • Anonymous says:

      He is a MP and public figure. By proxy he should be criticized for all his decisions. When he goes off like this it shows to me at least that the problems of this country are to big for him.

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  14. Anonymous says:

    Must be election time?

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  15. Anonymous says:

    Ken. Donate the massive pay raise you voted to give YOURSELF.
    Then cancel the duplicate Miss Caymna Pageant$$
    Then train tourism staff properly all summer.
    Then freeze blue collar work permits and most white collar and push locals into training spots of permit holders as the law dictates!!

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  16. Nonimouse says:

    Deadbeats, vote for me!

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  17. Anonymous says:

    The real morality check is not with the lenders but he who killed an entire job sector of this economy and extended that pain beyond any comparable nation, regardless of vaccine, hospitalization, or death rates. You own it. The real tears are caused by those playing government instead of governing. Do your job and bring economic wealth and opportunity to Caymanians and stop the victimizing.

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    • Anonymous says:

      Well said.

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    • Rick says:

      Well said, if you are a greedy banker who exploit people’s weaknesses without compassion or morality. But, well said none-the-less. Now, how about a proposed solution instead of justifying wrong on the basis that someone else wronged first? The issue is not economic wealth but survival for some who are unable to swim in this morass. Some of us have gotten too arrogant because we can pay the bills. There are Caymanians who are hurting, many are in Brian’s constituency but they are all over. Let the man do his job of representation.

  18. Anonymous says:

    Banks are operating a business not a charity! If you borrow money, you better know you can repay on the terms you agreed to! Nonpayment = repossession. Perfectly legal and should be expected!

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    • Anonymous says:

      When my wife and I decided to buy a home. We could have easily afforded a 500K home. But I am always frugal and opted for the 200K home.

      I am very glad I did, my 3 bed 3 bath house mortgage is cheaper or as cheap as a one bedroom rental in george town right now.

      The real problem with these defaulters, is they live beyond their means. Care about what others think of them. Need to get that 500K house. So they think I am living well, but they over extend themselves so they are living pay check to pay check. With no savings for a rainy day. Then that rainy day comes and you lose everything.

      Never exceed 50% of your salary. Live beneath your means. Always.

      What looks better, you own a house, in good times and bad. Or your neighbors and friends see you default and lose your home.

      Same thing with “buy an audi or a second hand car from sonys auto” I always buy second hand. Cash.

      The less debt you have, the more secure you are.

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      • SKEPTICAL says:

        Unfortunately after years of very cheap loans Joe Public has been lulled into a false sense of security – and the Banks have been caught with their pants down. Nobody could have predicted the events of the past year in Europe and the impact on cost of living, or inflation generally, When assessing a potential borrower the banks try to predict a worst case scenario to assess the ability of a customer to maintain loan repayments. Trouble is it ain’t an exact science and they can be taken unawares by events completely beyond their control.

      • Anonymous says:

        Forget debt, as it can be leveraged. Clearly your not a finance major.

        Buddy, inflation catches all…better to not have any morgt unles you built apartments, etc…to pay off said morgt.

        TBH, Stick to showing up at work and smiling bro as this appears to be the common notion you follow living beneath your means.(i.e: never truly living at all.)

        Maybe under performing at work and possibly bed too my guess is..but I digress.

        Cheers bro.

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      • Anonymous says:

        I have never seen so many new cars and handbags as when people could access their pension!

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  19. WhaYaSay says:

    “Bank officials had told her they were continuing with the repossession because they had already received an offer on the property”. I would ask who the buyer is as I recall back in the 80s and 90s a bank doing similar things and a VERY senior bank staff member was buying the repossessed properties on the cheap.

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    • Anonymous says:

      If it is even up for sale (let alone already has an offer on it) then it has already been repossessed! The bank can’t sell it if they don’t already own it!

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      • Anon says:

        2:53 has a law degree from the University of Made Up Stuff.

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      • Anonymous says:

        They do own it if they’re financing it. They have a charge on the property and the right to foreclose until the loan is paid off. Only then do you own your house.

    • Anonymous says:

      In the 80’s I tried to buy an unfinished property to finish myself. Went through the loan application process was told everything was in order but a few days later was told the loan application was not approved. A few weeks after that I learned that a loan officer with the same bank I went to, bought the property. What a strange coincidence I thought. I won’t name the bank but the loan officer certainly knew which side of his bread was ‘buttered’

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    • Rick says:

      And this is the problem I have. As long as banks apply their risk assessments in decision-making, I am happy. They do not have to be greedy, just moral and financially astute. But the real problem is the manipulation of banking rules and law by employees to get rich at the expense of customers and the banks allow this. Greedy, corrupt employees are having a field day and nothing seems to be done about it. Over to you Mr. Brian and peers.

  20. Anonymous says:

    It’s really very simple, stop repossessions expect everyone else’s rates to go up to cover the increased risk. This is the kind of idiotic economics you get when you elect stupid criminals.

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  21. Anonymous says:

    Kenny you are a crying shame!

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  22. Anonymous says:

    Your lot take $24,000,000 a month in wages. Donate that

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  23. Anonymous says:

    Listen crying Bryan , the banks were the only thing keeping this country goin when you shut it down. They don’t stay in buissness by not collecting their money . Why not donate some of your six figures

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    • Anonymous says:

      And therein lies the danger in an undiversified economy. For the sake of the common people, create manufacturing now!

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      • Anonymous says:

        Manufacturing what? When all the components and raw materials have to be imported, and the price of energy, water and government fees is so high, struggling to understand what it is we are going to manufacture and be competitive with.

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      • Anonymous says:

        No. Just enforce the immigration law and associated legislation.

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  24. Anonymous says:

    What bank did that? Did she lose all the equity and got nothing from the sale of the house because if so we are dealing with a ring of mobsters made up of banksters and politicians

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    • Anonymous says:

      Of course the bank can’t take the equity! They sell the house, take what they are owed and any remainder is the homeowners equity. Anything else would be fraudulent. Bryan knows the bank can’t defend itself because a client’s finances are private but I’d be amazed if this happened without many previous efforts by the bank to get paid. The banks don’t want to repossess; obviously they would much rather you keep paying the interest!

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  25. Anonymous says:

    Chris Saunders is eerily silent after campaigning on mortgage reform and how he was going to “mash up de dally ..ouse”

    what a fraud!

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    • Anonymous says:

      PACT is a fraud.

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    • Anonymous says:

      Saunders did run on mortgage reform. I even walked him through some deficiencies. He’s gone very quiet about all that now.

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    • Anonymous says:

      Nowadays that hombre is quiet on just about everything! Remember how once upon a time Sir Chris answered phone calls and text/whatsapp messages? Now ask yourself when was the last time you heard from him.

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  26. Anonymous says:

    give them half your monthly pay then kenny instead of amber hearding us with this crying video
    lord god

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  27. Anonymous says:

    Stop the mandates now

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  28. Anonymous says:

    You know what worries me the most? KB is starting to make John John Seymour look intelligent.

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    • Anonymous says:

      Jon Jon is still the most intellectually challenged. Make no mistake about that.

      KB is not lacking more brain power than Jon Jon. Jon Jon is simply put: a well-intended imbecile.

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      • Anonymous says:

        At least Jon Jon has some business sense and managed to make a good living for himself before depending on an MLA salary. Kenny does not have half the experience or private “success” to draw from.

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  29. G A says:

    All you negative talking people what if it was happening to you what if you were about to loss your house you wouldn’t be so Smog then and you wouldn’t be talking all that trash then 🥲

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  30. Anonymous says:

    Interesting that he blames the situation on “the fallout from the pandemic”. What he means is the catastrophic results of deliberately shutting down the economy, closing businesses, putting thousands out of work and throwing money around like there was no tomorrow. Guess what – it’s tomorrow. Funny how some of those who were so keen on all the restrictions imposed are now exactly the same people complaining about the economic consequences.

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    • Anonymous says:

      On point 100%.

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      • Anonymous says:

        With a culuture who refuses to follow traffic and road laws and litters the lands, the measures put into place were and are necessary.

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        • Anonymous says:

          The culture you refer to is the imported culture not Caymanian culture. The nastiness witnessed every day (in all its forms) is reason for some of the resentment felt by Caymanians toward these destructive behaviors.

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  31. Anonymous says:

    Anyone who has witnessed Kenneth Bryan’s behaviour and treatment of staff in a local bank has seen the real nature of that man.

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    • Anonymous says:

      He is a legend in his own mind.
      Phones people and demands they obey him because he is the “minister of tourism”…idiot .

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  32. Anonymous says:

    Just another smokescreen ……..everything so people can’t see that he can’t do his job

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  33. Anonymous says:

    How many will you take into your home Cryin’ Bryin’?

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  34. Anonymous says:

    Tell us how much you donated Cryin’ Bryin’

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  35. Look past the lies says:

    Fixed rate mortgages would be a helpful start, This needs to be looked into closely. Banks claim they cant do it but why?

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  36. Anonymous says:

    “government can cap rising prices”…what you should have said is government can help control rising prices by reducing duty on essential items. That is the mechanism at their disposal. They are currently receiving a windfall from increased duty on increased costs.
    You can’t simply cap prices in a free market economy. Every business deserves to make a reasonable return. If you cap prices to the point where it takes away profits, then those items will simply disappear off the shelves.

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  37. Anonymous says:

    Drama Queen, Kenny a mortgage is a contract to pay, the bank loans you money and you are contractually obligated to pay. It’s a that simple. Let’s hear the rest of the story.

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