Progressives take aim at criticism from would-be candidate

| 31/01/2017

(CNS Elections): The ruling party has been quick to defend its record on the economy and denied that foreclosures have increased since they took office. Accusing at least one potential candidate of using “alternative facts” regarding repossessions, the PPM has said that the percentage of people losing their homes is now very low. Chris Saunders, who failed to gain a Bodden Town seat on the UDP ticket in 2013, is believed to be running as an independent this May, and he has used social media to rail against government, blaming it for foreclosures following a report in the local press.

But the PPM said the rate of foreclosure is now just 1.27% of existing loans and the repossessions only ever amounted to the hundreds, in contrast to claims by Saunders that as many as 3,000 homes were at risk.

“Of course, we can’t lose sight of the fact that for those who are having difficulties, a significant improvement in the foreclosure rate doesn’t necessarily help them,” a spokesperson for the Progressive said, adding that government was continuing to improve the economy and increase employment opportunities to help those in trouble.

The Progressives also noted that the local banks in Cayman have all cited family break-up as the number one cause for mortgage defaults. In addition, the banks have been criticised for jumping on missed home loan payments in short time, as most mortgages in Cayman are regular loans secured against the property, making it easy for the banks to repossess them quickly.

Some have also claimed that the banks make little effort to assist families in trouble with their home loan payments, and that they take over homes and sell them for less than market value, essentially wiping out any equity the homeowners may have had before they got into trouble.

Nevertheless, the government said that the number of loan defaults was declining, and as the economy improves, family break-ups may also decline. “The benefits that generally flow from families remaining together would help alleviate many other societal problems,” the PPM stated in the circular, as they denied being responsible for people losing their homes.

“Made-up facts are counterproductive and serve only to discredit those who insist they are true. If people think they have real answers to any problems, let’s hear them, but don’t try to change facts and redefine the problem first. There is a certain lack of honesty in that,” the PPM stated.

According to local real estate agents, while there are still properties being sold on the open market that are repossessions, new foreclosures have decreased and most of the houses and apartments listed are homes taken by the banks some time ago. Kim Lund told The Cayman Compass that some foreclosure listings date back more than two years and there were very few new ones coming on the market as the economy improves.

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Category: Election News

Comments (5)

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  1. Anonymous says:

    saunders just proved he knows nothing about re-possesions

  2. Tell the Truth says:

    If Government is so sure that repossessions and sales thereof, are down then why not pass a law and/or regulation under the banking law that requires Banks to publish statistics of their 60 and 90 + day loans in arrears ( no names of course) just $ value number and percentage against their total loan portfolio. This will no doubt show if there is anybody playing with the numbers or if the truth is really being told by all and sundry.

  3. Anonymous says:

    Who is Chris Saunders? A wanna be politician with no clue…….

  4. MM says:

    “…a spokesperson for the Progressive said, adding that government was continuing to improve the economy and increase employment opportunities to help those in trouble.”

    Haha, how can you concentrate on increasing employment opportunities AND work permit revenue simultaneously?

  5. anonymous says:

    Need to come out of your buble Mr. Premier. Your people are hurting.