Tourism Minister rails at banks over repossession
(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
If you have a mortgage for a low or middle income home right now, my best advice is to approach your bank for a small home improvement loan held against your home equity and convert part of your home in to an income earning unit. Moves like this can increase your property value and add passive income.
Don’t bother to submit the required planning application in relation however. No one else does and they are not interested in enforcement.
Kenneth I thought that is what you got elected for?
We sell to whoever throws out the most money and glad for it too!
I don’t want to kick someone whilst they are down, but you can’t borrow your way out of debt.
Live within your means.
McKeeva and Truman sure did though… spit in the sky and it will fall in your eye – JM Bodden Sr.
These A-holes are the reason for this foolishness.
These geniuses made it bad for many Caymanians.
Just create an actual mortgage law. Create a law requires a mortgage contract be drawn and signed instead of an on-demand loan contract. Write in some basic protections such as the bank cannot just suddenly demand ALL the money back on a whim whenever they feel like it (this doesn’t really happen but most on demand loans allow for this). You can miss say what, 2 or 3 payments and then you get notified of foreclosure and have 2 months to find the money or else you lose the home. Write into law some measures that protects BOTH parties.. This man is in a position to make change, yet all we hear is how he can’t. Soooo, why vote for you again if, at this point when you are in the room you cannot do something?
Instead of nonsensical FB grand standing, have a think about what:
1) the intention is
2) what best to reach the intended goal
3) what is in place now
4) what changes need to be made or added
Instead what they do is:
1) Make backdoor deals
2) Ensure they raise their own pay and sign into law more allowances for assistants they won’t hire
3) boost friends into high paying positions
4) Sell everyone else’s future to the highest bidder while they make enough money to jump ship when the time comes.
Again, all politicians are cowards and its about time we start demanding better. We need to start depending on ourselves because whoever we elect only cares about their own wallets and are always more than happy to throw us under the bus and hold their hands up saying there’s nothing they could do.
The solution is simple: the average Caymanian lives well above their means and they need to stop
buying cars and houses they can’t afford.
Is this dude empowering youth to be bank robbers if things dont pan out with the banks?
only if they get caught selling drugs to an undercover officer.
Kenneth, you better take a step back and get the full story. Do not let emotions take you over. Banks do not just Willy- nilly take over someone’s property. It is usually a long drawn out exercise and is the last resort .Perhaps you should ensure that you are getting all the information.
Well, youthful indiscretion didn’t hamper his career.
Everyone is confident that Alden, Pantoon and his caravan of clowns will donate a large portion of their fat adjusted-for-cost-of-inflation salaries to help those in foreclosure due to their all-caring shutdown of the economy.
The Local population soon start calling their phones & knocking on their doors for help. Let’s see how they’ll treat them.
This is what they are trying to avoid. Their hefty public service salaries will not be squandered on charitable donations, to desparate/”needy” constituents in a declining local economy.
What’s the problem here? Look in the mirror you staggering moron.
Thank you for Saving us from ourselves with your lock downs and continual shutdown of the economy you pathetic and reckless self important ass clowns. Every f*ing one of you.
It’s basic economics Kenny. You borrow, you need to pay back. It’s pretty shameful that the best way our elected members think they can help is by bubbling on FB. Is he really the best Cayman has to offer? We are definitely heading further down the lavvy and quickly too. Doomed ah tell ye. Wur aw doomed!
Yea we got lots of big money people who will buy up everything in sight. We don’t need no deadbeats around Cayman anyway! Our leaders know how to run the show.
Crocodile tears in a re-election video. Move on folks, nothing to see here.
Stop all mandates and abolish Travel Cayman
The world is facing a global recession, inflation and stagflation. Stopping mandates and abolishing Travel Cayman are like sticking your thumb in a leaking damn.
Nothing but government assistance in these times will help.
What I would suggest people do from now is talk to their bank about fixing their interest rate. I did this a couple of months ago, the bank was willing, and now I am paying sub-prime for the next two years.
Which bank?
Whatcha doin’ when that two years is up? Understand the opportunity now.
Same thing said.
What will the new rate be, after 2 yrs?
Which bank was that?
Good luck trying to get a fixed rate into fed rate hikes.
Butterfield
“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,”
Oh the beautiful irony
What about lifting Covid Restrictions? Nothing yet. Still waiting to hear.
All of a sudden lockdown policies coming home to roost.
Lest we forget 99.8% survival rate without the shot…
Reap what you sow
The world economy is slowing and believing Covid is solely to blame is a bit nieve
Ummm, this whole shitshow is directly attributable to government waste, ineptitude and corruption. Thousands now feed at the trough, driving up the cost of living for everyone. Immigration, training, labour and education policies are so haphazardly applied so as to deprive hundreds of Caymanians of opportunity, and artificially depress wages. The Banks are not the problem. They are a big part of the solution. The very last thing government should do is get in their face. It will only make capital harder to come by, and increase the cost of borrowing for thousands. The banks are generally responsible.
Before any MP makes these kind of statements they should verify the accuracy of the information given to them. If the bank took the money for the arrears,it seems unlikey they would then sell the property without making Demand under the Registered Land Law again, providing additional time for the borrower to get employment and continue to make payments. If they did sell a property under these cicumstances, then their auditoes will not likely sign off on their audit.
The Minister is wrong to make these statements and irresponsible in not seeking to verify the facts rather than talking about hearsay.
No names were called so what’s your point?
He likes the attention. THAT. IS. ALL.
Likely the arrears were not fully satisfied and they were still in default.
Another idiotic comment from Bryant
What are the banks meant to do ?
Whether he likes it or not a bank is a business.
Why doesn’t Bryant pay some of these debts with his recent inflation busting pay rise?
Maybe all these repossessions are caymanians in the tourism sector who can’t earn any money because he has driven the tourism product into the ground with these stupid covid regulations
People like him are the problem not the banks
I’m sorry for the lady who has lost her home. I think a lot of the problems come from banks making bad lending decisions in the first place – although I do acknowledge that peoples circumstances often change for the worse.
Someone told me once that all these brand new cars you see young people driving are generally repossessed in the end. Why did the banks ever lend them money on a depreciating asset in the first place?
And what do you think would happen if the banks denied people the financing for their cars?
… another tearful video …
If the bank takes a morality check, can Kenny take a comminsense one? This unfortunate woman has presumably had a change in her economic circumstances, and can no longer afford her mrtgage. Her solution is to borow money from a friend to pay the arrears, having already defaulted and waited until the point wher ethe house has been marketed and there is an offer. What does Kenny want the bank to do? Stop the sale even though the root cause of the problem hasn’t been addressed, and unless the lady has very generous friends the situation will simply repeat except the bank will have to incur a second round of costs in marketing the property. Or does he expect the bank to just tell her to take as long as she likes to find a different solution?
Bravo sir. Give that man an oscar! Jeez, it’s scary that these are in charge. The same man that was berating the highly educated Chief Medical Officer
I see construction is slowing down. Which is a good thing. But no these morons are considering more duty waivers. How about some duty waivers for the people.
The general public in Cayman is just starting to realize that the recession has already started. As usual, a loose cannon, Bryan is trying to accomplish one thing in this video and that is saving his seat in the next election. He is astute enough to know that his electors may be the ones in need of help so best to start passing the buck now. This recession may last quite a while. Let’s hope not.
more populist waffle from kenneth who fails to address any of the real issues
The homeowner had every opportunity to keep the payments up to date, or if unable to afford the home, to sell it at market value and take the equity to another cheaper property or rent.
Not paying your bills has consequences.
Life should not just be a series of handouts.
Work hard, make good choices, face up to your responsibilities.
That’s it.
renting a room or two out is another option. many do just that
Don’t be encouraging that shanty town crap.
Too late. $1000 and up rooms being let everyday on Facebook
KB love to keep us in suspense. Everyting in due course! Drop covid restrictions and piss off dude.
Dropping Covid restrictions will stop inflation and stave off the recession?! What a genius idea!
Thanks honey! It may help some of our tourism workers pay their mortgages too! I love how we work together boo boo x.
Have to agree with Kenny on this one, people should not be required to pay back money they have borrowed.
LOL.
Just a bit of play acting to (try and) fool the people into thinking that he actually cares.
Not one of us with at least half a brain believes that politicians fight with banks for the good of the people.
I will guess that the person who lost their house went to Bryan and this is the best he can up with.
It is pitiful really.
Banks and politicians have been working since the invention of money to screw the man in the street.
This was a shameful display of play-acting and electioneering and if this is the best he can do, he should be ashamed of himself.
I notice he did not mention the Lodge once.
Why is that Kenneth?
Why should or would Kenneth mentioning the Lodge here be relevant?
Perhaps there is some connection that I don’t understand, so clarification would be greatly appreciated.
If you have to even ask that question an answer would be lost on you. Move on. Nothing to see here.
See? Everyone? See how Kenneth cries with us? Let’s vote for him next time because he clearly feels for us! Hey Kenneth, can you pay my next mortgage payment for me? You know…put your money where your mouth is…or your tears for that matter…😪
Banks are allowed to call in their debts. In fact I would say that it is necessary for a healthy banking system as banks that are required to accept a certain level of losses would surely price those into their other products.
If the problem here is simply that banks are calling in debts please start issuing government loans so that people do not have to worry about losing homes when they are unable to meet their commitments.
If the underlying problem as to why people cannot pay their bills is anything but that please stop blaming private businesses and start looking inward at your education standards, employment policies, and the impact of the ongoing COVID restricitons on peoples income.
We should take a leaf out of the UK’s book on this. A bank’s right to possession should be suspended so long as the customer can keep the current payments up to date and repay the arrears over the lifetime of the mortgage.
Avoiding foreclosure is pretty straightforward. Make your mortgage payments in full and on time.
People make multiple advance payments all the time – whereby the mortgage principle payments has positioned the mortgage for an early pay-off – and the Banks take issue with. The Banks claim that the regular (e.g. monthly) payments per its agreement is expected as specific in its legal agreement, and any other payment arrangement is contra to the its legal agreement. Thus, implying that no matter your efforts to advance a mortgage for early pay-off (e.g. from 2042 to 2032), the bank will still consider your mortgage as delinquent if you are in arrears 1mo, 2mos or 3mos of your regular contracted payment.
The CAVEAT: An early pay-off penalty is applied for advancing the mortgage life/maturity date – from 2042 to 2032.
REMEMBER: the law dictates that any mortgage payments rendered past due for 90 days/(i.e. 3 mos) is subject to foreclosure proceedings. At this point, the Bank is at no obligation to negotiate a “good faith” deal with the Customer to prevent foreclose proceedings.
The PROBLEM: These banks, when adement to foreclose on your properties, prematurely start foreclosure proceedings & confirm a buyer – which is usually an “insider” within the bank or bank employees’ connect, or a familiar real estate agent or property appraiser) to dispose of the property; hence, the swiftness in which the court & lawyers execute the closing via the judicial system. These banks tactfully, even deceptively, plan for your financial investment as an urgent “call on debt”, given you little preparation or recourse.
You should probably change banks, mine doesn’t do any of that – no penalties for early repayment.
A relative did this 17 years ago, the “outgoing bank” called the new bank and leveled an attacked on the my relatives credit history dating back almost 20 years, as a potential customer of the new bank. In the end, The mortgage was accepted, well serviced at the new banking institution and paid off within 4 years. And, many years later learned that the “Prick” who made the vindictive phone call was a not only a high-level Banker at the former bank, but a sitting Board Member of another bank whereby my relative’s credit cards were serviced. Remember: The Cayman Islands is small place where everyone is interconnected AND SOME FOLKS DON’T LIKE UGLINESS😉
Yes this is my concern as well as I am scheduled to pay off my mortgage 8 years in advance. But if I lose my job tomorrow I definitely will not be able to make the payments and by the above analysis will be royally f@#$ed.
Yup. Even, if you were 10 or 15 years ahead of your mortgage pay-off date/maturity date…You will be royally f@#$ed.
This type of banking decision equates to piligary. The Bank has gotten more than its required share of scheduled mortgage pay-up, and still make attempts to foreclose your home. It is happening right here on these Islands.
THIS IS A DECISION OF A RUTHLESS THEIF!
Not all mortgages penalise prepayments. A smart borrower should negotiate this up front.
And if you can’t make the payments, sell your home & rent until your circumstances change. My parents rented their entire lives, but that was because se they never wanted to be in debt.
Cost-of-Living is not a stagnant factor in economics. There’s notably a historic difference in housing cost, be it Rental and Private Home Purchase. You will also have to factor in the Interest Rate applied to a mortgage. Ex. Higher Interest Rates of the mid-1970s into 1980s devastated families, especially already struggling families.
“All the world’s a stage, And all the men and women merely players; They have their exits and their entrances; And one man in his time plays many parts” -Shakespeare
Bravo Mr. Bryan! Hopefully Broadway selects you for this audition.
Broadway requires background checks.
I am not sure that the Minister understands that it is not the banks money, it is my money and all the other bank customers money that is being lent out, so when it doesn’t get repaid it is not the bank losing it is your fellow citizens. I agree that the banks spread on lending is atrocious but what other choice do you have.
Of course he – with education and business experience… or da wa we get.
Lower airfare and hotel prices. Drop covid protocol. Put in some welcome back specials like other islands did. There is no incentive to fly on holiday there. None. Unless you have family on island, you could travel anywhere else, stay longer, do more exciting things, for less.
This guy needs to take a chill pill and lay his ego to rest. Mr pea brain dont have a clue how it works.
Leave tourism alone before you screw it up.
Leave the banks alone.
Leave our chief medical officer alone.
Or should I just say go back to school and leave it to the proffessionals.
Present government has absolutely no clue how world finance and banking actually functions . Luckily , the banks here do though.
Dude, you are a law maker. We don’t need you to sit in your truck and whine about the obvious externalities of this exploitative system.
YOU are in the rare place, as a law maker, to do something about it. So get to work, educate yourself on economic theory and the global state of affairs, and take action in the interests of working people of this country instead of just burgeouise hotel and development company owners. Thats literally your job.
That was great theatre with crocodile tears or he has become emotionally unhinged with a large dose of self preservation thrown into the mix. SMH
Banks dont care about their customers they just want their money. We have no consumer protection in the Cayman Islands. I would change banks but they are all the same. Look how long they make you wait in line. Usually only one or two tellers who take forever to make a transaction.
Why are you going into a branch? Most transactions can be done by other means and it costs less.
Yes, it costs less to do everything by online banking and yet the banks have NOT reduced their ridiculously high fees. They push customers to bank online and still charge the same in fees. On top of that, banks are now going cashless, meaning you have to go further to find a bank that does actual banking! Whoever came up with the idea of banks that don’t deal in cash deserves a Darwin award.
So should Caymanians just be given houses and not be expected to pay their mortgages? Clearly this wasn’t the first time this lady hadn’t paid their mortgage and foreclosing is the last resort for banks.
And you want the law to change so people can not pay their mortgage and keep their homes?
Everyone would like to live in a house, but if one can’t afford it isn’t that what apartments are for? I own a house because I can afford it. My friend rents because that is all she can afford. Makes sense to me. Guess I am missing something.
I believe that is what the Cayman Islands Development Bank was for…
Well, Cayman doesn’t have any Caymanian controlled banks anymore. When you sell majority stake and cash-out CNB, you don’t get to call the shots anymore. There’s nobody looking out for Caymanians or Cayman Islands based entities at our banks. No licensee duty to serve lawful market participants. Our unlimited fee jurisdiction is a goldmine for foreign owners who can make up their own “risk-based” policy, fees, and when they aren’t paying IRS settlements, can pretty much do whatever they want without interference.
yet more examples of how the people have been turned into a commodity by corporate interest’s. The new kings are the money men and we are all little more than serfs to our lords.
Oure representatives are unable or unwilling to help. No one is coming to save us.
Passion works on voters. Hope he remembers his own words, “if you guys continue to screw up your country, I hope you live long enough to see the effects of what you do”.
Jim Bodden didn’t.
The government mismanaged the pandemic around the globe and everyone thought it was great.
Now we have to pay the price. Congrats dumb asses.
Cayman is feeling the effects of PPM’s 8 of disaster as a Government.
Maybe, maybe not. The global recession is coming regardless.
Perhaps Bryan would like to pay the arrears that way I do not have to face increased bank charges that are the result of such defaults.
Yep – he’s a natural cayman politician – used to spending other peoples money and claiming credit.
Straight out of the Mac playbook
Ez…stop selling out to foreigners. Stop selling your culture out and build the lil heritage that is left!
No stopping the carnival now!