Tag: foreclosure
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 […]
Cross-ministry approach planned to tackle homes crisis
(CNS): At least four ministries from the PACT Government will be involved in a wide number of plans and policies aimed at tackling the emerging housing crisis impacting Caymanians from all walks of life, as the real estate sector has created an unsustainable situation relating to property prices across the Cayman Islands.
New bill aims to slow down home foreclosures
(CNS): The Law Reform Commission has issued the draft Registered Land (Amendment) Bill, 2020 for comment after consultations led to a bill that will slow down the foreclosure process and require lenders to engage with borrowers before taking people’s homes. The legislation, which had input from both the public and stakeholders, is the product of […]
Clock ticks for input on mortgage law reform
(CNS): People wishing to provide input to government about its proposals to create specific legislation to deal with home loans have until the end of April to make their submissions. The Law Reform Commission is examining whether or not the laws in this area need to be reformed as a result of public concerns about […]
Law reformers examining foreclosure regime
(CNS): The Law Reform Commission has circulated a new discussion paper seeking public input about the need, or not, for new legislation regarding the issue of home loans and foreclosures. The commission said there had been a heightened level of public concern about the number of such procedures, the process by which banks seize people’s […]
MLA’s mortgage solution not on LA agenda
(CNS): Efforts by MLA Kenneth Bryan to have a private member’s motion on addressing the current home loan regime brought before the Legislative Assembly have been thwarted by the tight and sparse meetings of parliament so far this year. The motion aimed to reduce the number of homes in the Cayman Islands that are being […]
Rivers points to foreclosure conflicts
(CNS): The financial services minister denied that government is ignoring the issue of banks foreclosing on people’s home loans and the excessive fees that some of the institutions are charging customers, as she said that she has already met with the bankers association about these issues. Tara Rivers said that all the fees charged by […]
Home repossession up by over 34%
(CNS): Local banks repossessed 22 homes, amounting to $4.2 million, in the third quarter of 2015, which the Economics and Statistics Office said was “significantly higher” than just three foreclosures in the same quarter of 2014, amounting to just $338,000. According to the latest official economics report, at the end of October last year, 148 properties, amounting to US$35.1 million, were […]
Miller calls on CIG for mortgage laws
(CNS): With more than 150 Caymanian families currently at risk of foreclosure, the MLA for North Side is bringing a private member’s motion to the Legislative Assembly later this month asking government to consider legislation that will pave the way for mortgage protection. Homeowners in Cayman not wealthy enough to buy their home or land outright […]
CIG reveals figures on lost homes
(CNS): Over the last seven years just under 200 homes have been taken from families by local retail banks as a result of foreclosures, according to data released by government ministers Friday — a figure that is far less than the thousands some activists were concerned had been taken. But with a surge in repossessions […]
