Search results for : mortgage loans
June 24, 2013
Mortgage portfolio growth for RBC FINCO, but non-performing loans still a concern
RBC FINCO continues to experience modest growth in its mortgage portfolio. On the heels of its successful Home & Auto Expo and mortgage seminar, Managing Director at RBC FINCO Tanya McCartney said there continues to be a consistent demand for mortgages.
"We were pleased that a significant number of persons pre-qualified for mortgages," she said...
2013/2014 Bahamas Budget Communication
June 02, 2013
2013/2014 Bahamas Budget Communication
Honourable Members will be aware that Mr. Ehurd Cunningham, former Acting Financial Secretary, passed away last weekend. I want to take this opportunity to express my personal gratitude and that of the Nation for the many years of dedicated and tireless service that he so warmly provided to his dearly beloved country. Mr. Cunningham was instrumental in initiating, and indeed championed, many of th...
Concerns expressed about Homeowners Protection Bill
May 24, 2013
Concerns expressed about Homeowners Protection Bill
Top executives in the insurance and banking sectors are expressing some concern about the Homeowners Protection Bill that was debated in the House of Assembly this week.
Chet Nevins, general manager at Colina Mortgage Corporation, told Guardian Business that there is a level of uncertainty and concern when it comes to the legislation from a lender's perspective.
"Some of the earlier drafts were su...
MPs debate bill to protect homeowners
May 23, 2013
MPs debate bill to protect homeowners
Members of Parliament yesterday debated the Homeowners Protection Bill which is designed to give borrowers more protection for home loans.
Minister of State for Finance Michael Halkitis, who led debate on the bill, said it is a significant step in the government's commitment to help people at risk of losing their homes.
The bill would give borrowers additional time to repay on defaulted loans, thr...
Baha Mar 'lynchpin' to economic revival
May 21, 2013
Baha Mar 'lynchpin' to economic revival
The number of new loans at Commonwealth Bank Limited continued to decline in the first quarter of this year, while the institution tightens up on loan practices and focuses on its collection activities.
The economy may have improved somewhat since 2008, according to Ian Jennings, the president of the bank. But overall, many Bahamians do not qualify for new lines of credit, particularly those with...
Fidelity to 'bite bullet' on millions in provisions
May 04, 2013
Fidelity to 'bite bullet' on millions in provisions
Fidelity Bank (Bahamas) Limited (FBB) boosted its loan loss provisions by 98 percent in 2012 and recorded a charge of $3.95 million, indicating the size of its loan book and challenges resolving delinquent mortgages.
The BISX-listed firm's 2012 results, released yesterday, still managed to report a comprehensive income of $6.4 million, or a 67 percent rise compared to the previous year. FBB's top...
Famguard Unveils Life Insurance Products
May 01, 2013
Famguard Unveils Life Insurance Products
Family Guardian Insurance Company is preparing to launch two new products this summer in an effort to expand its life insurance portfolio.
Following the BISX-listed firm's alliance with Aetna, a major third-party healthcare provider with one of the largest networks in the U.S., the...
CB: Total revenue declines 51.9M
March 11, 2013
CB: Total revenue declines 51.9M
The Central Bank is reporting a decline in total revenue of $51.9 million for the first half of the fiscal year and a higher aggregate expenditure of $50.8 million, according to its latest report. According to the institution's Economic and Financial Developments report for January 2013...
86 of delinquent mortgagees in homes
February 20, 2013
86 of delinquent mortgagees in homes
Despite hard economic times, financial institutions are working hard to keep Bahamians in their homes, according to the industry's latest statistics.
A study released late last week revealed that there are approximately 4,200 non-accrual mortgage loans on the books among local banks. Just under 3,200 of these loans are residential properties, and of that pool, 2,773 people are still in their home...
CBL 'deeply concerned' about Economy
February 19, 2013
CBL 'deeply concerned' about Economy
The country's largest Bahamian bank saw its net income drop nearly $16 million in 2012 compared to the previous year, according to its year-end results. Commonwealth Bank Limited (CBL) is reporting $36 million in comprehensive net income last year, down from $51.8 million in reported profits for 2011.
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