Search results for : Mortgages
January 31, 2022
Mortgage corporation chair: Progress on backlog and arrears by June
The Bahamas Mortgage Corporation's (BMC) new Chairperson Barbara Cartwright said she hopes to resolve the backlog of mortgage applications she met at the institution and reduce the amount of arrears on the corporation's books, with June as a deadline to make significant progress on those fronts. According to Cartwright, she met 180 pending applications, 90 ...
The post Mortgage corporation chair: ...
February 05, 2024
Bahamas Mortgage Corporation appoints Robert C. Cox as Managing Director
The Bahamas Mortgage Corporation (BMC) announced the appointment of financial services veteran Mr. Robert C. Cox as its Managing Director effective January 22, 2024.
January 02, 2024
Central Bank relaxes lending rules for residential mortgages
NASSAU, BAHAMAS — The Central Bank has announced that it is relaxing the lending rules for residential mortgages provided by domestic banks and credit unions by revising the minimum equity injection requirement, a move expected to alleviate the financial burden for qualified borrowers and allow some additional individuals to qualify for credit. The Central Bank [...]
Mortgage commitments up in Q1 2023
June 06, 2023
Mortgage commitments up in Q1 2023
Lending financial institutions saw 190 residential mortgage commitments during the first quarter of 2023, valued at more than $45 million, an increase over the mortgage commitments during the same quarter for the past two years. The Central Bank's Quarterly Statistical Digest for May showed that 42 were for new home builds, 140 were for existing ...
The post Mortgage commitments up in Q1 2023 appe...
Mortgage commitments continue downward trend
June 29, 2021
Mortgage commitments continue downward trend
Considered a forward-looking indicator of domestic activity, the number of mortgage commitments for new buildings and repairs dropped during the first quarter of the year, a signal of the weakened private sector amid the COVID-19 pandemic. The Central Bank of The Bahamas indicated that financing was down six percent in the first three months of ...
The post Mortgage commitments continue downward t...
Mortgage Corp. on brink of 'judgment day'
February 13, 2012
Mortgage Corp. on brink of 'judgment day'
The Bahamas Mortgage Corporation (BMC) is at risk of becoming insolvent, and if it does, it will take the whole country down with it.
Its chairman, Dr. Duane Sands, said for too long Bahamians have viewed the corporation "as a donkey to ride". He revealed to Guardian Business the latest numbers that chart a possible collapse in the housing market.
As of January 2012, Sands reported a sinking fund ...
Mortgage commitments down in third quarter
December 15, 2022
Mortgage commitments down in third quarter
Domestic private sector activity measured by mortgage commitments fell in the third quarter for a second consecutive year, new data from The Central Bank of The Bahamas revealed. This subdued activity in the third quarter is in contrast to the robust growth in mortgage commitments in the first and second quarters of this year, which ...
The post Mortgage commitments down in third quarter appeared ...
November 25, 2022
Sterling Mortgage Income Fund marks 10 years of success
Sterling Global Financial Chairman David Kosoy today projected a successful year-end for the firm’s mortgage income fund as its real estate and lending fund marks its 10th anniversary with an unbroken record of double digit returns for investors since inception.
BMC's outstanding mortgages grew 12 percent in 2021
November 14, 2022
BMC's outstanding mortgages grew 12 percent in 2021
During 2021, outstanding mortgages at the Bahamas Mortgage Corporation (BMC) rose 12 percent to $187.2 million, The Central Bank of The Bahamas has revealed. The data was revealed in the just released Financial Stability Report for 2021, which also showed losses for the Bahamas Development Bank (BDB). "An uptick in unemployment claims led to significant ...
The post BMC's outstanding mortgages gre...
Mortgage commitments up
August 31, 2022
Mortgage commitments up
The second quarter of the year saw the highest number of new mortgage commitments since the onset of the COVID-19 pandemic, with 212 new commitments in total with a value of more than $52 million. The data was outlined in the Central Bank of The Bahamas' Quarterly Statistical Digest for the month of August. This ...
The post Mortgage commitments up appeared first on The Nassau Guardian.
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