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
Why doesn’t this guy buy the house outright and then he can become the risk taking lender? Show us how it’s done, Mr.! It’s so easy to criticize others when you’ve got no skin in the game.
Many of us will be in this situation unless our mortgages are paid off.
The Banks are a bussiness. Okay. Simple. The roads are for the Public. Simple.
If the bank wants their money then they are entitled to it. Simple.
The roads are paid for by the Public. IE:ownership. So if the public stands in the road, in front of the bank, and DEMAND that those who use/work at the bank want to use the road then they have to pay a fee. Simple
Except that those who work at the bank are also members of the public entitled to use the road. And the bank is also a tax payer whose fees go to pay for the government supplied infrastructure. So the analogy doesn’t really work, does it.
It’s so easy to be negative and we do all love a moan but as someone has already pointed out this has to be a new low in caymanian politics.
Do “our leaders” even read these comment boards? I suspect it wouldn’t make any difference. Consider the current government, a tourism minister who can’t travel to certain countries, a flat earther leading education, John Johnm..nuff said; a convicted criminal with more skeletons in the closet than the Paris catacombs, pulling the strings, a minister for health that breaks her own covid rules… and so the farce goes on.
In absolute agreement with the comment that the district electroral system needs to change if there is any hope of electing ministers fit for government.
Wait until the effects of all the lavish pension money spending really kick in.
Same minister questioned on air 2 years ago about CIG stepping in on curtailing debt card transaction bank fees when lockdown was asking everyone to only use cards and whose response was that debit cards were a luxury service provided by banks so we had to pay the price. Luxury service to buy essential goods – OK.
How many foreclosures have been the result of substance abuse?
Cryin Bryan on the rant.
And blowing pure hot air
What is sad is that this fool could actually be running the country one day. 100% he has not given us the full story.
What is sad is that any one member of PACT is effectively running the country by virtue of threatening to switch sides, and possible drag one other along with him/her, at any time.
Pitching to the key entitled dead-beat voting demographic.
I watched a bit of this last night and couldn’t believe how low we’ve come. This MINISTER LAW MAKER sitting in his vehicle crying about a bank doing bank business. If the law needs amending then get with your Cabinet and propose the necessary amendments! Or let people know you’re prepared to personally pay their arrears from your undeserved salary…including from your undeserved 15% raise that you all gave yourselves eighteen months ago. Yeah I know PPM did it, but Kenneth was right there to readily AGREE with it. Far too many “LEADERS” have clearly been promoted (or elected) far beyond their capacities!
I tried to watch that FB Post….nauseating. CIG put a muzzle on this Muppet get your $&!T together start effectively running this country. Currently this country is being run the same way it came into power….independently and self serving.
The disturbing part is that Bryan is going to be involved in Cayman politics for the next 30 or so years. First we have Duhwayne ‘The Brain’ Seymour crying because people were ‘mean’ and now we have Kenneth ‘Bubbling’ Bryan. I believe we have hit a new low in Cayman today.
Kenny G is the next Mac; he is in till the Big Man calls his name.
Yup. I agree.
And isn’t it funny how both of these fragile egos were the same ones that were threatening towards the female Chief Medical Officer.
Stop the F*kn crocodile tears Kenneth Bryan and do some meaningful work. Now I see a letter from this woman to Chris Saunders, basically demanding that government use the taxpayers money to get her out of the predicaments she is in. If this happens I urge ALL persons who are dealing with the same thing to picket the GAB door mouth and demand the same. I appreciate that this is the most clueless government in our history, but I implore them to take their heads out of their asses on this matter.😡🤬😡🤬😡
OUTRAGEOUS! It behooves me to say that all Caymanians should have a home fully paid for by Government and Expats. At the age of 25 or birth of their first child a Caymanian should be provided a house. Indeed
Entitled much?
Hoping this is sarcasm ???
How can you be angry at banks for repossession? I lend you money on agreed terms, you don’t obey the terms, I take the collateral to get my money back. Fair is fair?
“If you lend money to any of My people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.”
Exodus 22:25
Of course, if we followed the Old Testament teachings on interest we wouldn’t have mortgages either so……
Of course a Biblical teaching that is no longer followed in the modern Western world, not even Israel. But is applied quite strictly in Saudi Arabia. Perhaps you should consider conversion to Islam.
Assume this is sarcasm. If we followed the Bible we’d all be dead
What are this government doing. No lost 300m revenue by removing concessions on property development, socialist stipend policies. Invest in education. Only when you educate caymanians (and it will take a generation) can you expect to see them succeed. Until then the finance sector and expats will pay for everything.
What are you talking about? Actually, Caymanians have paid tax since they were born and since generations of them. You landed at an airport that was domestically funded in construction, mostly by seaman. When Govt heard that Caymanians wanted to work remote somewhere affordable fear ran down their spine. Why, Caymanian consumption is the backbone of Cayman, they are also the back bidders, the floor if you would on the real estate market. They have a connection and will bid out of that affinity, Expats, alone would guarantee extreme volatility in that markets and in the society, by connection as a whole following any significant shock or catastrophe. It’s called a partnership, expats bring the “new dollar” while the gold sits in the safe. When you become “safe” your view point on the new dollar will likely change.
I am good and I like good.
Did you look at the last finance report and see the percentage of government revenues that were funded by consumption and real estate taxes ( which are shared by expats) versus the percentage funded by the financial services industry and work permit fees? Saying Caymanian consumption is the backbone of the Cayman economy is admirably patriotic but has no foundation in reality.
There are two sides to every story. Did Kenneth hear both?
Kenny can’t handle the truth.
Why doesn’t the government get in the housing loan business through the Cayman Development Bank? Then they can just raise taxes on those who actually pay their mortgages to pay for the ones who don’t…
Why should ‘we’ pay the mortgages for those ‘who don’t?’
I think you missed the sarcasm.
I work at a bank and I can tell you, banks wait years before taken people’s homes. They hate to do it but have no choice after years of non payment. Bryan, if you going to nane the bank, name the customer too and their payment history.
That’s another urban myth, that banks do not foreclose rapidly and explore every option possible with the client before doing so. This only happens with select clients.
🔠 before takING, to naMe the bank
People who work at a bank M•U•S•T:
•spell properly (use spell check)
•must proofread their writing for errors
Typos, wrong autocorrect are fine for most people, unless one works at a bank.
P.S. I work with numbers and English is my second language.
Someone went on an ‘Angry rants from the car’ You Tube binge, saw the potential views and tried himself, – ‘Kenny the Facebook Vlogger’, Mr Bryan you’re supposed to be Govt Minister for ***** sake 🤦🏻♀️📹
Typical ghetto politician self serving populist knee jerk statements without revealing both sides of the story.
He really doesn’t care about anyone, just their votes.
What exactly do you mean by ghetto? Do you hate poor people?
Probably not the whole story.
Definitely not the whole story, just enough to keep himself relevant to his uneducated supporters.
If you want to do something about the banks, you could start with regulating their ridiculous fees. 50 cents to withdraw your own cash from your own bank’s ATM, 25 cents to use your debit card, fees for cashing cheques, monthly service fees on top etc etc.
Crying crocodile tears because someone didn’t pay their mortgage and didn’t do anything about it isn’t going to help anyone
Some of those fees are government fees.
I wonder if Kenny knows anyone who might be able to propose adjustments to those?
this has been brought up a million times…They do it because they can and it is legal
Government stamp duty is 25 cents per debit to your bank account. That fee is paid to government and the banks do not receive any of it. So go ahead and swipe your debit card, you are helping build a nation with it!!
That is charged as a block fee each month, on top of the banks’ fees per transaction.
Lmfao
Kyle Rittenhouse cried better.
Mocking a teenager dealing with PTSD? Why? Is this a joke to you?
The joke here is Kenny.
Yes
A teenager who illegally obtained a gun and drove 20 miles across a State line looking to shoot someone? PTSD is the least of ailments that he should have to live with.
I wish you cried this hard for the caymanians who are paying their bills, ie rising cuc costs, rising food coosts rising food…government can cap rising prices. Some of these mortgages are from way before covid and people were struggling, for they reached to high and now complaining….
When you can’t do anything have a good cry
He’s in the wrong profession. Would have made millions in Hollywood or Reality TV.
A Banker is a fellow that’s lends you his Umbrella when the Sun is Shining , and wants it back when it begins to Rain.
Gray matter – the sun can give skin cancer so you should take it then over preventing you from getting wet in the rain
Did he cry and plead for all his coke victims or just pocket the money or was that just business!
Banks are not operating in the Cayman Islands because of their love of the people or a desire to help people. Banks are in the business of making money and I’d you don’t pay your mortgage they will sell the property used as security for the facility.
Have you ever taken the time to read your mortgage contract with the bank. It effectively says that the bank can do what they want whenever they want to.
I had a 20 year mortgage that I paid off in 7 years because I wanted to get out of the contract as quickly as possible.
I think this may be the problem friend. The “Individualistic” approach. You figured it out so the vulnerable in society must do the same? So you were able to decipher the fine print and possibly save yourself from the situation many unfortunately have faced due to foreclosure. Do you believe everyone has your level of discernment? Would you care to explore the idea that Caymanians are especially discriminated against in these types of predicaments? Yes, some people are lacking in financial responsibility, but do you think this is the so for even 50% of the total cases? Hard times can hit anyone at any time. How many people can you honestly say you’ve advised and passed this invaluable information to in regards to mortgages? Banks are callous and the loan officers are even less caring at times as you’ve rightfully stated.
The Jamaican loan officers need to stop tipping off their fellow countrymen to properties being reposessed. Then arranging the financing for them.
The US has Biden and we have Bryan.
Both incompetent and Both better off just keeping their mouths shut.
Get over yourself trumpet.
Why does calling biden out for what he is make someone a trumpet? Even democrats are sick of biden.
fool.
the last thing a bank want to do is re-posess. it’s only an option of last resort.
Even when Caymanians work the small minimum wage cannot pay rent, food transportation.
Chris and Kenneth only working for big men, they forgot the small man already, your false tears not fooling me.
How come Chris and Kenneth not raising the minimum wage?
We hear it is because the Ritz manager told Chris and Kenneth not to bring up the subject.
All for the big MAN, crumbs for the little people.
Chris and Kenneth raised their own wages. That should have told you how they feel about us pheasants. Why doesn’t he pay the mortgage out of his big pay check or get his sponsors to pay the mortgage?
This is what happens if you do not pay the mortgage. I know the last few years have been challenging but it would be interesting to know if these people took out pension funds and what they did with it. Perhaps government can arrange with pension companies to bring loans current for those in arrears. We need to teach more personal finance in schools. I am sorry but too often I hear people cry victim and they took what money they had to buy some overpriced new car and now plead to be rescued by those that are responsible and save their money.
Schools in cayman are an extension to the church.
Don’t expect much when it comes to math and science.
Kenny,
“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”!
Regards,
Caymanian
Stop blaming others and learn from those that save, share and budget their money.
Pontious Pilate please stop pontificating.
Change the planning laws that deter building your own home, firstly. Buy your land and start building your home from out of pocket for 3-5 years. Thats was how it was done before the Banks.
I keep hearing older Caymanians say the house had to be up to the “belting” (no idea what this is) before the banks at the time would consider them for a mortgage. I’m assuming this was in the 1960’s onwards and probably in the best interest of both parties. Instant gratification leads to unnecessary debt and risk.
The belting is the last rung of the walls before the roofs and installed. That requirement forced the homeowner to save and of course they didn’t have to pay interest on a bank loan. A lot of homeowners would also save up for the roofs, windows ( in fact every thing was done in stages) fixtures etc. that was the way persons who had to save up the seamen’s salary to be able to build to get a house. I understand the planning board won’t allow that anymore. Maybe the politicians could try to change that for persons of lesser finances. Give them at least five years.
30-40 years land some of them still not reach the belting…
Amber Heard is a better actor.
With less criminal convictions
And less self promoting illegal billboard signs
Time to think outside the box and offer some solutions Kenny G.
If we continue to have district voting we will never solve the issue having politicians like this in control of our future.
Stop district voting!
‘Stop district voting’. I agree but remember who gifted us with that.
PPM is responsible for district area voting.
Technically, the voters are responsible
Multi-sat constituencies, proportional representation.
Kick out the West-Kingston, first past the post/winner take all/Westminster poling system that “elects” people that spout this rubbish.
Nothing better than being given a morality lesson from a convicted coke pusher.
Oh, that is harsh.
I heard lots of whining and zero solutions. Not fit for office!!
Imagine going from Marco Archer to this absolute clown!! GTC you have made a huge mistake.
Marco Archer was no prize either and was only an Alden puppet
Minister Bryan genuinely loves and cares about the best interest of the Caymanian people.
Having personally witnessed firsthand certain things that Kenneth has done to help Caymanians, which the general public might be unaware about, I have no doubt that he means well.
While banks carry out necessary commercial functions, which are very important to the economy, there is indeed need for legislative amendments and promulgation of new legislation to address various issues.
The ultimate takeaway is that a vigilant eye needs to be kept on fostering and protecting a harmonious balance of the socio-economic framework and environment of the Cayman Islands that is not harmful to, inter alia, the well-being of present and future generations.
Surely he will support your “legalize weed “ campaign.
Is doing stuff for Caymanians not his job?
A caring person would not distribute cocaine knowing what drugs can do to people
Oh get off it! He was a child when that happen. Why keep dragging that up. His circumstances was perhaps not as great as yours but he has come a long since then. Let the one without sin. castthe first stone.
Oh he was a child, well I guess that and a bible quote here and there makes it ok then.
A child? He was 24 when he was arrested. At what point do you think he became a man responsible for his actions?
Orrie Merren, where is your petition? Not any any the vape shops you think!
Check again. Petitions are there.
Can you name the actual issues you believe need to be addressed? Or is this just another of your recent myriad of fluff posts as you continue to posture while not actually saying anything of substance or position?
Setting up his upcoming election campaign.
Mr Bryan is “a hidjut” and his government is at best poor to mediocre in performance. We all know that. But the banks are screwing us all kinds of ways. Note how they bang up the mortgage rates as soon as the Feds in the US raise interest rates but they do not raise interest for savers at the same time.
I am just not buying this. There is more to this story than he is telling. Banks generally will work with you than go through the process of repossession.
“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,” Said the guy who is screwing up our country.
They want nothing but power, and turning us into Jamaica will give Mac Kenny and Saunders the unfettered wealth they seek.
Fix the damn dump Kenny
You basically bankrupted your own people. Actions have consequences. Banks are businesses. Tough bananas. Deal with it.
What did Jesus teach about bankers?
What did Jesus do with water?
er…nothing….He did make mention of the money changers…but that is a different profession.
But hey, don’t let facts/knowledge/research get in your way, when you can make a quick idiotic, crass incorrect comments …
If y’all gave a damn you would give back the 16%, cut back on all allowances and perks and not add 40 plus “constituency assistants”. Use your power to genuinely help and create policies to empower and not encourage begging and waiting for handouts. If this is the best representation we are doomed. Self-serving PACT of fools.