The Homeowners Protection Bill is before Parliament

Homeowners Protection Bill Debated

By Kendea Smith:



Lawmakers in the lower chamber yesterday began debate on the Homeowners Protection Bill, which is designed to assist struggling homeowners facing “extraordinary” circumstances to keep their homes.

Moving the Bill in the House of Assembly was State Minister for Finance Michael Halkitis.

“This Bill represents a modernisation of the lending framework in The Bahamas and creates a level playing field between borrowers and lenders. All of the provisions in the legislation have been benchmarked against international standards and hence are the standards that are in for in the home countries of the major lenders,” he said.

When passed, the court will be empowered to provide relief to borrowers from the consequences of breach of a loan agreement where the borrower pays the arrears by a reasonable time to be determined by the court.

The Bill also provides for the transfer of mortgages between financial institutions at no cost for the borrower.

In addition, the lending institution may sell after one year of giving a notice to default.

And if the lender sells the home at a surplus, the lender must give the borrower that money.

The minister said the bill has had widespread consultation.

“We continue to work hard to bring relief to homeowners who have mortgages and have fallen into difficulty. We face many challenges but we are committed to keep working to help as many as we can. We believe that this legislation is a positive step towards that end,” Minister Halkitis said.

The minister also spoke about the government’s much touted mortgage relief programme.

The government was told initially that 1,100 mortgagors could be approved through the programme.

However, banks only entertained 422 applications. Of that number 147 were deemed potentially eligible and only six were approved.

Minister Halkitis said the government continues to process appeals.

“To say that we are not satisfied with the outcome would be an understatement,” he said.

“We believed that it was a well thought-out plan which had as a prominent element working with the financial institutions to mutually agree on a plan. We have previously passed an amendment to the stamp act to extend the stamp tax exemption to homeowners who have lost a first home to foreclosure and are now seeking to acquire a second home. We have in committee the pension plans to access those savings to save their home.”

First to contribute to the debate from the Opposition was North Eleuthera MP Theo Neilly.

“While the Bill seeks to protects borrowers in the long run it might end up doing the opposite. Where financial institutions may become more careful and apply more scrutiny. As a result, if there are less loans or mortgages quite naturally there will be less construction thus less money circulating in the economy,” he said.

“So though the Bill seeks to help people, if we are not careful it may cause more harm,” he said.

May 23, 2013


The Bahamas mortgage crisis and the Homeowners Protection Bill in the Bahamian Parliament

The Bahama Journal

Caribbean Blog International

COMMONWEALTH OF THE BAHAMAS ... SPEECH FROM THE THRONE ... DELIVERED AT THE OPENING OF PARLIAMENT ... BY HIS EXCELLENCY SIR ARTHUR FOULKES ... GOVERNOR-GENERAL ... WEDNESDAY, 23RD MAY, 2012

Madam President and Honourable Senators,
Mr. Speaker and Members of the Honourable House of Assembly,


Today’s Opening of Parliament follows upon my Government’s election to office just sixteen days ago.

My Government has been entrusted by the Bahamian people with a clear and overwhelming mandate to effect important and far-reaching changes in our country for the benefit of all.

The challenges that confront us in The Bahamas today are as numerous as they are complex.  Accordingly, my Government will present an ambitious and extensive agenda for this new Parliament.  The Bahamian people expect and deserve nothing less.

Central to that agenda are two overriding imperatives -

Firstly, the need to reduce violence and crime and build a safer Bahamas.

Secondly, but in tandem with the fight against crime, is the need to build a stronger economy that generates jobs, deepens and broadens Bahamian ownership and produces a higher standard of living for all Bahamians.

Those twin imperatives will dominate the agenda for action of my new Government.

At the same time, however, my Government will also move as resolutely as fiscal realities allow to implement the full range of programmes, legislative proposals and policy initiatives promised in the platform entitled ‘Charter for Governance’.

In this regard, urgent priority will be given to the implementation of the action-plan outlined in the Charter for the first 100 days of my Government.  The implementation of this ‘First 100 Days’ plan is, I am pleased to report, already in stride, as witness the implementation of two of the action-items within the very first week of my Government coming to office, namely, the creation of the Ministry for Grand Bahama and the restoration of the Ministry of Financial Services.


Madam President and Honourable Senators,

Mr. Speaker and Members of the Honourable House of Assembly,


Violence and crime corrode the very fabric of a nation. They must therefore be attacked and eradicated at the root if we are to build a secure and prosperous society.  My Government is absolutely determined to pursue this objective with unbounded energy, imagination, and unwavering dedication.

My Government will immediately reinstate and expand the Urban Renewal Programme to serve as a core instrument to combat the underlying social causes of crime and violence.

My Government will establish an Urban Renewal Commission to facilitate inter-agency collaboration and coordination in the delivery of services to the community.

My Government will, as a matter of high priority, introduce a national Crime Management Agenda comprising effective prevention, detection, prosecution and rehabilitation.

My Government will move for the repeal of all provisions of the Police Act which are unconstitutional or attempt to politicize the Police Force or undermine the impartiality and security of tenure of the Commissioner and Deputy Commissioner of Police.

My Government will also create a National Intelligence Agency comprising all law enforcement departments to address all categories of major crimes on a co-ordinated basis and with a greatly improved intelligence-gathering capability.

My Government will also develop a National Firearms Control Strategy and establish a proper Firearms Department and Database.

My Government will also re-introduce the Swift Justice Initiative to ensure the timely prosecution of cases and reduce the number of persons released on bail for serious crimes.

My Government will also re-introduce, as a matter of the most urgent priority, the Witness Protection Programme so as to ensure that key witnesses and their families are protected.

My Government will also move to amend the Rehabilitation of Offenders Act to assist young and first-time offenders in embracing a life founded on the values of honesty, hard work and respect for the life and property of others.

My Government will also as a matter of high priority, reintroduce School-Based Policing to curb school violence.

My Government will also re-vitalize the Tourism-Based Policing Initiative to enhance visitor safety.

My Government re-affirms its determination to more effectively police our borders against illegal immigration, drug trafficking, human trafficking, illegal firearms, and poaching.  The Royal Bahamas Defence Force will therefore be re-equipped and re-positioned to more effectively combat these menaces.

In accordance with its Charter for Governance, my Government will also hold a referendum for the Bahamian people to decide whether a national lottery should be instituted and/or whether webshop-type gaming should be decriminalized but nonetheless regulated in accordance with internationally-accepted best practices and in a way that would ensure optimal revenue-generation for the country.


Madam President and Honourable Senators,

Mr. Speaker and Members of the Honourable House of Assembly,


The plight of homeowners in financial distress must be addressed if a stronger economy is to be restored.

My Government will therefore work with the clearing banks and other institutional lenders to develop a financially sustainable mortgage relief programme aimed at assisting distressed homeowners in saving their homes from foreclosure.  Participation in such a programme would be voluntary.

My Government will also seek to bring employee pension funds under closer regulation and supervision to ensure that pension funds are duly protected; and that trustees and managers of pension funds are held to higher standards of transparency and accountability; and that employees are afforded access to their pension savings for emergency purposes, including mortgage relief.

My Government, in an effort to stimulate the real estate market, will also make good on its commitment to lower the maximum rate of stamp duty on land sales from 12 per cent to 10 per cent; and will also re-introduce a maximum cap on real property tax.

My Government will also enact amendments to the Subdivisions Act to make the building and planning process more efficient and less costly.

My Government, in an effort to help reduce the cost of rental housing, will reform the Rent Control Act and will seek to promote the construction of new rental units at more affordable prices.

My Government will aggressively pursue the expansion of affordable housing especially for lower income Bahamians.  My Government regards this as a social priority that requires focused and sustained attention.

My Government will also seek to provide additional land for home ownership through the purchase of vacant and abandoned lots as a part of the Urban Renewal Initiative.

My Government will create a reliable land register and a proper system of land registration.

My Government will also review and amend as necessary the laws relating to commonage land so as to allow for greater commercial use and beneficial enjoyment of land by commoners.


Madam President and Honourable Senators,

Mr. Speaker and Members of the Honourable House of Assembly,


My Government is deeply wedded to the belief that private enterprise should remain the primary engine of job creation and entrepreneurial opportunity in our country, and that tourism and financial services, supported by industrial expansion, fisheries and agricultural production, should be the chief areas of economic activity in our country.  In this regard, my Government is committed to the formulation and execution of policies that will encourage private investment in these areas while maximizing job creation and career development for Bahamians in the shortest possible time.

As small and medium-size enterprises are the job- creation engines of today’s economy to an ever-increasing extent, my Government will re-focus the mandate of the Bahamas Development Bank and the Bahamas Agricultural and Industrial Corporation (BAIC) to provide equity, credit guarantees and marketing and accounting support for fledgling businesses.

The necessary enabling legislation will be introduced by my Government as a matter of priority.

My Government will also implement a number of initiatives, including the grant of special concessions, to promote the economic development of Grand Bahama, and to facilitate the extension of the same benefits that are available under the Hawksbill Creek Agreement to east and west Grand Bahama.

In order to revitalize our critical tourism industry, my Government will seek to increase the number of available and affordable rooms.  Promotional efforts will explore opportunities for tourism growth in niche markets inclusive of film, entertainment, sports, health and religious tourism, as well as medical, heritage and eco-tourism.

The cultivation of new markets in Asia and Latin America will also form a key part of the national tourism promotion plan.

My Government will give focused attention to the refurbishment and re-development of downtown Nassau to make it a pedestrian and shopper friendly city while retaining and enhancing its historical appearance.

My Government will work in collaboration with local and foreign air carriers to improve airlift to and throughout the Islands of The Bahamas.

My Government will also create opportunities for Bahamians to own hotels through a National Resort Development Initiative.

Recognizing that agriculture is an integral part of any sustainable economic development plan, my Government will give focus to increasing food production as a vehicle to promote food security, create jobs and boost domestic investment.

My Government will initiate plans to construct a Bahamian Food Sciences Institute in North Andros with a view to incorporating it into the University of The Bahamas.

My Government will also aggressively pursue the development of a mariculture industry in The Bahamas and the further diversification of a fisheries industry which is reserved for Bahamians.


Madam President and Honourable Senators,

Mr. Speaker and Members of the Honourable House of Assembly,


My Government believes that education is the principal vehicle for promoting the economic development of individuals and the nation as a whole in the overarching framework of a rapidly evolving 21st century global economy. Education is the key to both personal and national empowerment.

Conscious of that truism, my Government will seek to reform our educational system to bring it more technologically in tune with 21st century challenges and to better position Bahamians to compete for jobs both locally and on a global level.

My Government will review and strengthen the National Literacy and Numeracy plans both of which are critical to educational achievement and economic advancement.

My Government will also introduce a standardized National High School Diploma programme to ensure that graduating students meet stipulated minimum levels of proficiency.

My Government will also develop a national regulatory framework to establish, at the secondary school level, a system of Career Path Academies.

Legislation will also be placed before you to establish the University of The Bahamas.

Regulations will also be developed to establish and oversee new standards for Preschool and Early Childhood Education.

My Government recognizes the important role played by the Bahamas Technical and Vocational Institute (BTVI) in training and re-training Bahamian workers.  Accordingly, the Council for BTVI will be appointed with a view to bringing the BTVI Act fully into operation as rapidly as possible.

My Government will also seek to provide enriching experiences for our youth through innovative programmes that promote cultural and self awareness, community service, social skills training, mentorship, knowledge of civics, and exposure to principles of leadership and responsible citizenship.

“Centres of Excellence” for sports will also be established within Family Island communities to help identify and develop sports talent.

My Government will also promote cultural expression in the visual, performing and literary arts; expand cultural education programmes; and enhance stakeholder participation in the development of our cultural heritage.

My Government will move swiftly to end all forms of discrimination, especially against persons with disabilities.  In keeping with this commitment, legislation will be enacted.  The United Nations Convention on the Rights of Persons with Disabilities will also be signed and ratified.

My Government will bring about the full implementation of the Child Protection Act, 2007.

In an effort to reduce poverty, promote human capital development and improve the effectiveness and efficiency of social assistance programmes, my Government will move speedily to undertake Social Safety Net Reform.

In the area of health care, my Government is firmly committed to the principle of universal access to health care, decentralized health-delivery systems; and a re-engineering of systems for financing the delivery of health care so that it can be more affordable.

My Government will also take steps to advance our nation’s preparations for the introduction of National Health Insurance in a financially sustainable way.  My Government’s commitment to National Health Insurance remains undiminished.

My Government will facilitate the Public Hospitals Authority’s acquisition of new cancer-screening technology to ensure that Bahamian women have access to state-of-the-art mammogram machines at both the Princess Margaret Hospital in New Providence and the Rand Memorial Hospital in Grand Bahama.


Madam President and Honourable Senators,

Mr. Speaker and Members of the Honourable House of Assembly,


My Government will seek to amend the Local Government Act to better define the parameters for the employment of persons providing service to Local Government Councils.

In the area of air transport which is so vital to our archipelagic nation, my Government will overhaul the existing air sector policy to create a safer and more efficient air transport system. This will include the creation of a modern civil aviation regulatory regime, the creation of a fully independent body to investigate air accidents, enhanced communications technology and upgraded radar equipment.

Additionally, steps will be taken to address the management of the Bahamas Flight Information Region (FIR), which will permit access to overflight fees on The Bahamas’ upper airspace.

In relation to maritime transport which is no less vital to our national interests, my Government will procure the implementation of maritime safety standards, protocols and inspection regimes on all national ships and personnel, and the adoption of the Caribbean Ship Safety Code and Small Vessel Code.

To encourage environmental sustainability in Freeport, Grand Bahama the Freeport Bye-Laws Act, 1965 will be amended to impose mandatory standards for environmental management.

My Government will develop a national water policy in conjunction with all stakeholders and will ensure the proper extraction of ground and potable water so that all Bahamian communities will in the shortest possible time have access to piped potable water.

My Government will initiate a plan to lower the cost of electricity throughout The Bahamas through the development of alternative energy production and improved efficiency at BEC in the areas of administration, power production and equipment maintenance.

My Government will review the Regulations established by the Utilities Regulation and Competition Authority (URCA) to ensure that they conform to the Constitution and reflect Bahamian values in the context of responsible freedom of expression in a democratic society.

My Government will finalize its longstanding Foreign Service Orders for the enhancement and strengthening of a professional Foreign Service.


Madam President and Honourable Senators,

Mr. Speaker and Members of the Honourable House of Assembly,


There is an emerging national consensus that the Bahamian tax system is simply inadequate to meet the needs of a modern 21st century society. My Government will therefore launch an extensive review of the Bahamian tax system with a view to proposing alternative means of taxation that address the problems of the current system while providing the Government with a stable, buoyant and adequate source of revenue to meet its governance obligations to the Bahamian people.

My Government will introduce legislation to establish a council of economic advisors. The role of the council will be to develop policy recommendations for Government on the major issues pertaining to economic growth and stability, including tax reform.


Madam President and Honourable Senators,

Mr. Speaker and Members of the Honourable House of Assembly,


There will also be laid before you legislation to prevent the entering into of government contracts, including contracts of employment, or the payment of public monies in connection therewith, between the date of dissolution of Parliament and the date of a General Election unless such contracts or such payments are pre-determined by an independent statutory body to be absolutely critical for the maintenance of essential services.


Madam President and Honourable Senators,

Mr. Speaker and Members of the Honourable House of Assembly,


As my Government now sets about the urgent tasks that I have just outlined it shall be forever mindful that in all things God must come first and that without Him at the centre of our efforts we labour in vain.

My Government shall also remain mindful of the need for complete integrity in the stewardship of the people’s affairs.  Its commitment in this regard is absolute and will remain so.

Finally, my Government believes in Bahamians and in the capacity and determination of the Bahamian people to overcome all the many challenges that lie before us.  Armed with a common purpose and united in patriotism and love for one another, we shall indeed overcome, and achieve for our nation the greatness that is its destiny.

I pray that the blessings of Almighty God may rest upon your counsels.

bahamas.gov.bs

 

To Ryan Pinder: Put some policies on the table rather than simply objecting in Parliament

Ryan Pinder, MP on the Bahamas Government's Mid-Year Budget

By Rick Lowe:



If no one else in the PLP offers food for thought, Mr. Ryan Pinder does.

In fact it looks as if he's one of the few PLP's that offer reasoned comment in Parliament. At least he's the one that gets press coverage anyway.

In this article in the Nassau Guardian he suggests that the PM's growth projections in the Government's mid-year budget are unlikely.

I agree with him, but none of us have a crystal ball, so it's mere conjecture on the part of both politicos.

Where I part company with him is when speaking about the impact of rising oil prices he says; "it is the responsibility of the government to anticipate such realities and put in place policies to counter the adverse effects of rising prices."

I can't find that as one of the governments reasons for existing in the Constitution, but to simply put a statement like that out there without suggestions on what policies are necessary to control the price of oil we import and how the government would pay for whatever those policies might be is irresponsible.

Mind you both parties are derelict where fiscal responsibility is concerned, but where we might be able to excuse generations past with this behaviour, to continue to let these comments go unquestioned with the current state of public finances would be no less than irresponsible of us - the voting public.

It is time for us to ask our MP's to put a little more on the table than rhetoric, lest we should stop paying any attention to them at all.

On a lighter note, Mr. Pinder objects to being called the PLP's Poster Boy by Mr. Byron Woodside of the FNM in this story in The Tribune yesterday.

Well the dictionary says a Poster Boy "is a person that epitomizes or represents a specified cause..."

I wonder how we should interpret his objection to being called the PLP's Poster Boy? As I said earlier, he seems to be covered in the press for the PLP these days over and above everyone else.

To paraphrase what some wag once said:

"Why are we surprised when some politicians play politics? It's not like they are supposed to be real adults . . . they are, after all, politicians and aren't playing around with their money."

So I guess we shouldn't be surprised when no solutions, or at least potential solutions, are offered.

But come on cousin Ryan, you can raise the level can't you? Put some policies on the table rather than simply objecting. That's what is expected by Parliamentarians of us mere mortals when we raise issues with you guys.

March 04, 2011

weblogbahamas

Bahamas Blog International

Bishop Simeon Hall has chastised politicians for their recent lawless behaviour in the House of Assembly

Bishop Simeon Hall hits out at politicians over House behaviour

tribune242

FORMER Christian Council president and community activist Bishop Simeon Hall has chastised politicians for their recent behaviour in the House of Assembly, accusing them of contributing to the growing wave of lawlessness afflicting the country.

He noted that MPs represent the country both locally and internationally, and therefore have the capacity to influence the opinion of others.

Debate

Bishop Hall said: "Their behaviour is emulated by young people who desire to rise to the annals of Parliament one day.   The current level of parliamentary debate in our House of Assembly is becoming less and less inspiring and may have now become a major contributor to the spirit of crime which pervades our country."

The bishop pointed out that people from all walks of life have seen or listened to a parliamenatary debate at least once.   "Most recently, they would have seen uncontrollable behaviour; lack of order and respect; and a disregard for those who care to pay attention.   It is reflective of today's culture of widespread anger, despair and violence," he said.

"Young and old listening to the parliamentary debate might misinterpret the way MPs speak to each other and cause the public to lower their anger management skills."

Bishop Hall said politicians have an obligation to "work in the best interest of all Bahamians", and that "well-paid officials should do a better job of setting the standard of inter-personal communications.

"If the present tone of debate in Parliament is expected to set the level of dialogue throughout the nation, then we are in far greater trouble than we had first imagined," he said.

Anger

Bishop Hall warned that the nation's "anger index" is at an all time high.

"The criminals are committing more horrific crimes; fights in our schools have become commonplace and more violent; domestic violence and child abuse persists; and respect amongst fellow men is dying," he said.

"It is almost impossible for the unemployed, marginalised and despairing Bahamians to listen to Parliament and conclude that his or her position will soon change."

Bishop Hall said it is little wonder that many people believe the Bahamas "lags woefully" behind other nations in the region in "intellectual exchange" and progressive and innovative ideas.

He added: "It is useless pointing to the bad behaviour and disrespect manifested in other parliaments of the world as an excuse for ours.

"One bad behaviour ought not to be used to justify another bad behaviour.

"If we cannot speak strongly to each other - even vehemently disagreeing with each other - without denigrating the person, we fail the rudimentary examination for participation in the ongoing struggle of nation building," he said.

October 26, 2010

tribune242

Bishop Simeon Hall: The Bahamian people, by and large, have bought into the lie that only lawyers are best suited to sit in Parliament

Bishop Simeon Hall speaks out against electing lawyers to Parliament
By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net:



BAHAMIAN voters should throw their support behind "ordinary" members of society instead of continuously electing lawyers to the halls of Parliament, said Bishop Simeon Hall.

The senior pastor of New Covenant Baptist Church reasoned that lawyers - many of whom profit from the "present culture of criminality" - cannot be expected to solve the crime problem or change the systems in place which have led to this "national nightmare."

He added that men and women who have proven themselves successful in community building and business would make better political candidates. While several lawyers are the architects of the nation's foundation, and have an indispensable role in nation building, Parliament needs more contractors, successful entrepreneurs, farmers and community builders to take the Bahamas to the "promised land," said the religious leader.

"It is time for the country's electorate to help in reducing the number of lawyers we have in our Parliament and allow more persons from the ordinary walks of our society to participate in our national debate," said Mr Hall in a statement released yesterday.

"There exists an urgent and immediate need for ordinary persons to represent the common masses. It cannot be expected that this national nightmare of crime will be (remedied) by the wisdom of one group. While lawyers, in the main, do not cause crime, they are the major beneficiaries of the present culture of criminality and this cannot be expected to do what is needed to change things."

"The Bahamian people, by and large, have bought into the lie that only lawyers are best suited to sit in Parliament," said Mr Hall as he called all political parties to choose ordinary persons with a reputation of community leadership for their election tickets.

The country needs fresh ideas and new perspectives in the national dialogue, he added, "if we are to change the status quo which sees ordinary persons on the edge of desperation".

August 23, 2010

tribune242

Bahamas Blog International

Sidney Stubbs, Holy Cross Member of Parliament Legal Team Intends to Request An Annulment of The Bankruptcy Order Supreme Court Justice Jeanne Thompson Issued Against Him

If the court grants an annulment, this essentially means that Mr. Sidney Stubbs would no longer be a bankrupt

No Appeal For Stubbs

 

 

By Candia Dames

Nassau, The Bahamas

16th December 2004

 

Attorneys for Holy Cross Member of Parliament Sidney Stubbs are heading back to court today and are expected to report to Chief Justice Sir Burton Hall that Mr. Stubbs has no appeal pending before the Privy Council.

Last month, Sir Burton dismissed an application to have Mr. Stubbs’s bankruptcy order set aside, but he reserved judgment on an alternative request for an annulment of that order until it could be confirmed whether the case was being appealed to the high court in London.

The Bahama Journal has learnt that Mr. Stubbs’s legal team now intends to pursue the request for an annulment of the bankruptcy order Supreme Court Justice Jeanne Thompson issued against him on March 30.

If the court grants an annulment, this essentially means that Mr. Stubbs would no longer be a bankrupt.

The fact that he has no appeal to the Privy Council is likely to raise new arguments over the interpretation of the constitution.

Legal advisors have told the Bahama Journal that an application for an annulment does not technically constitute an appeal.

Some scholars interpret the constitution to mean that Mr. Stubbs can only remain in his seat as long as he has an appeal pending.

But the MP’s legal team is expected to argue that what the constitution is in fact saying on this point is that he is entitled to the extension of time he has secured from parliament as long as he has the “right to appeal.”

This new development in the Stubbs legal debacle may spark renewed political debate over his fate and whether a by election is likely.

One political observer claimed that parliament was misled in September when it passed a resolution to grant Mr. Stubbs a six-month time extension to appeal the matter on the basis that he intended to appeal the ruling.

“You have time limits to lodge appeals and prosecute them and if the time has passed, and he has not lodged the appeal, that is the end of the matter,” the observer said.  “The moment he fails to lodge it in a timely manner under the constitution his seat became vacant.”

But government and Progressive Liberal Party officials who continue to express open support for Mr. Stubbs view the situation another way.

They believe that an annulment is enough to get Mr. Stubbs back in his seat when the House of Assembly convenes next month after its Christmas recess.

Mr. Stubbs has been out of the House for nine months now and has until March to have the matter cleared up.  It would be a full year since he would have been out of the House.

The MP has insisted that he continues to work in his constituency and has claimed that he still has the support of the majority of his constituents.

A group of them even went as far as filing a summons in the Supreme Court in support of Mr. Stubbs, but Sir Burton asked the constituents to desist from interfering with the judicial process and said what they did could amount to contempt of court.

Even though Mr. Stubbs has said that his former creditor, Gina Gonzalez, has been repaid all that is owed to her, he cannot return to parliament as long as he is still a bankrupt.