The Government was yesterday urged to invest $100-$150 million into a Foreclosure Trust as a way to solve this nation's mortgage/housing crisis, a well-known businessman telling Tribune Business that the returns generated for it and Bahamian society would be "much greater" than the ongoing infrastructure projects.
Dr. Johnathan Rodgers, the 'eye' doctor and key behind-the-scenes plannerfor the Democratic National Alliance (DNA), in a column sent to The Tribune said that with $450 million of commercial bank mortgage loans some 90 days past due, the Bahamas faced being stuck with a depressed housing market "for some time to come".
This, in turn, would reduce economic activity and earningd for sectors such as real estate, construction and attorneys, plus depress tax and utility bill payment, prompting Dr. Rodgers to unveil a three-pronged solution.
This Fund, he suggested, would be employed to aquire distressed mortgage loans (those over 90 days past due, and upon which interest has stopped accuring) at a discount from Bahamian commercial banks.
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