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Last Updated: Feb 13, 2017 - 1:45:37 AM |
 Nassau, Bahamas - Speech: Mortgage Relief and Accountability in The Bahamas by Youri A. Kemp DNA Candidate for Garden Hills, DNA Spokesperson for the Economy and Finance 12th May, 2016 at Christie Park.
Good evening ladies and gentlemen, protocol having been established, I want to say to everyone here tonight a heartfelt thank you for coming out this evening and thank you for wanting hear what the DNA has to say about the issues that affect your country.
Friends: It’s not easy for anyone to come out and support a political party at a time like this, especially when reports of victimisation and intimidation are all around you and at a time when jobs and opportunities are hard to find. I personally want to thank you for coming out to hear what we have to say tonight, honestly, and showing your support for our efforts and keeping us encouraged to fight for your rights and for the issues that are important to you.
Issues like VAT, unemployment, crime, mortgage relief, Bah-Mar and Equality for Bahamians are important to us ALL and are on the front burner of our party’s discussions.
These issues are not being addressed satisfactorily we feel, and it’s about high time we have people in power that can and will address these issues satisfactorily.
When are we going to have a real conversation about creating sustainable jobs and opportunities for Bahamians? When are we going to have a real conversation on true mortgage relief where families can own their own homes? When are we going to have a real conversation about growing this economy and building new entrepreneurs? When are we going to have a real conversation on taking tax collection seriously, so we can put more monies in areas where people need it the most?
More importantly, when are we going to have action on these things and much, much more?
I will bet by bottom dollar that it will take a DNA government to ensure these issues and many more are addressed for the benefit of all Bahamians!!
The DNA has shown through our commitment when first launched five years ago that we are in it, to win it, and remain committed to The Bahamian people at all cost.
Over the course of the last several months in particular, we have started to unveil key pieces of our platform we feel are important to the development of this country, helping people and making this country more suitable and habitable place for all Bahamians.
Let’s talk about how this current administration failed with regard to mortgage relief, the first in a string of many failures of this administration to do what’s right by Bahamians that voted them in for meaningful help. Bahamians were waiting with anticipation for this current government to help them keep their homes. This government instead left them in the cold, down and out and without anywhere else to turn. That’s the price they paid for believing!
The DNA has gone on record with committing to several key pieces of policy recommendations that would assist home owners in purchasing a new home, purchasing a piece of property and staying in their own home.
The DNA has stated clearly that as the government we will: Firstly, cause there to be a programme, created with the banks and real estate companies, along with the government that spur a profitable atmosphere for the reduction of property prices. This will be done by causing an upward moving, capped fee-scale, which would create a greater urgency in selling properties and homes that lower-income and middle-income Bahamians can actually afford, without causing banks and real estate companies to lose out on profits.
Secondly, many of the persons surveyed by our DNA team members have one central problem in common: That is they all had adjustable rate mortgages that now, in hindsight, seemed unsustainable. While it is understood that adjustable rates are a viable tool in some circumstances, we in the DNA feel that adjustable rates should be abolished for homes under a certain threshold.
Thirdly, a DNA government will keep people in their homes while simultaneously putting people into homes already in inventory no matter who was the former owner. Where the current administration willingly failed and gave up on people, a DNA government will succeed by going above and beyond the regular call of duty!
A DNA government will also review long standing policies and initiatives, with a view in mind to tweaking, where needs be, initiatives and programmes that have long since needed to be tweaked and revised. Firstly under this umbrella, a DNA government will:
* Work with the banks to identify homes that can be saved on day one, by either re-mortgaging or re-adjusting the terms of the mortgage in conjunction with the banks and mortgage holders. In this vein we will work with the banks. Not work to put banks and other lenders out of business.
* We will also cause there to be a home-clearing scheme where homes stuck in inventory can be purchased affordably by families that have shown to be able to work together as a unit. We will amend banking regulations that would allow more flexibility on who can sign off on a mortgage.
* Also, if insurance companies or other development companies with stellar track records wish to purchase mortgage debt or provide services that can make this process smoother, we will allow these initiatives to take place on an unbiased playing field.
* A DNA government will also review and amend, where necessary, the International Land Holders Act that has caused property prices to skyrocket in this country.
* The DNA has also committed to working with the Central Bank of The Bahamas with a view in mind to reducing the Central Bank Discount Rate, which we estimate would cause there to be a change in the prime rate in the banking system. This would free up more space for banks to lend and accommodate persons looking to make the next most important steps in life.
* The DNA has also gone on record stating that we will open up new land inventories, in addition to other land reform policies already stated, we will make available Crown Land for new Housing Developments and make the atmosphere suitable for as many development companies to participate in this programme.
* Lastly, as with the DNA’s real-estate proposal mentioned earlier, creating an upward-moving, capped fee-scale, we will introduce the same approach to existing homes and dwellings with a view in mind to putting low and middle income families back into homes as a matter of priority.
These modest, well-reasoned, compassionate and considered ideas only can come from a government that first cares about what happens in their communities.
These ideas can only come from a government that is committed to doing right on your behalf as Bahamians.
These ideas can only come from a government that is willing to go on record for you, in detail, and willing to be held accountable to you as the owners of this great country we call The Bahamas.
The lack of accountability in The Bahamas currently underscores what’s wrong with our country today; what’s wrong with the leadership; and is what is stopping us from growing our country for our benefit.
The uncertainty and instability that follows this lack of accountability and proper oversight creates fear, confusion, mistrust, and engenders a feeling of being cheated.
We in the DNA understand and know these issues too well, and we have also gone on record with committing to several key initiatives that would foster and strengthen institutions that uphold standards of our country, particularly on the economic and public finance front: The DNA has committed to Financial Transparency Reforms in the Public Sector.
The DNA has also gone on record stating that we are the party that can best administer the $33 million Inter-American Development Bank Loan Project, earmarked for strengthening the financial monitoring and auditing systems. This would help us to slow the rate of a debt that is ballooning and a current deficit that is $100 million dollars off target, as estimated by the Central Bank in their latest report for this year, 2016.
A DNA government will first undergo a thorough audit of all of our major revenue generating agencies AND the major contracting agencies, with a view in mind to plugging the holes and re-organizing departments to work in a more clear and transparent manner.
These are the things we need to build a better Bahamas. These are the things that foster trust and hope in the system.
These are the things that generate an efficient system, and cause there to be more stability and trust within our government.
These are the things a DNA government will do.
Thank you all. Good night!
By: Youri A. Kemp
DNA Candidate for Garden Hills
DNA Spokesperson for the Economy and Finance
© Copyright 2016 by thebahamasweekly.com
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