Residential mortgage commitments the lowest in a decade

Last year saw the lowest number of residential mortgage commitments in almost a decade, according to the latest data released by The Central Bank of The Bahamas. There were 773 mortgage commitments in 2020 - 641 single dwelling and 132 duplex and row - valued at just more than $150 million, according to the bank's ...
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Banks will not foreclose on mortgages as delinquencies rise, pledges banker

With tens of thousands of Bahamians still unemployed and unable to maintain monthly financial obligations, President of the Clearing Banks Association Kenrick Brathwaite said banks will exercise extreme forbearance, vowing that most delinquent mortgages will not be foreclosed. During the month of November, mortgage delinquencies expanded by $37.4 million (8.5 percent). Brathwaite said while he ......

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Fewer residential mortgage commitments as consumers feel the pinch of COVID-19

Fewer and fewer Bahamians have been obtaining residential mortgages, according to the latest data provided by The Central Bank of The Bahamas' Quarterly Statistical Digest, again reflecting the impact of the COVID-19 pandemic on consumer spending patterns. Data in the report shows that while the year started strong, with 253 mortgage commitments during the first ...
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BMC chair: Mortgage loans approval challenging as clients in debt

The Bahamas Mortgage Corporation (BMC) remains challenged to approve mortgage loans as it finds its clients to be heavily debt burdened, BMC Chairman Patrick Ward said yesterday, adding that in the absence of a formal credit agency, BMC does its best to ascertain the actual debt burden of people interested in acquiring money for a home. Ward, who was speaking ...
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Bahamas Mortgage Corporation Gets New Home

The Bahamas Mortgage Corporation has reached a major milestone with the opening of its newly renovated building on East Hill Street...

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Residential mortgages up in first three quarters of?2019

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Fewer mortgage commitments in Q1, notes Central Bank

The financial uncertainty attached to the COVID-19 pandemic has spilled over into homeownership, with the Central Bank of The Bahamas (CBOB) reporting a 16.3 percent decrease in mortgage disbursements for new construction and repairs during the first quarter of 2020. During the first quarter of [...]
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Kerzner Said to Be in Talks for Extension of 2.78 Billion of Mortgages

According to Bloomberg.com: Kerzner International Holdings Ltd., the company that built the Atlantis resorts in the Bahamas and Dubai, is in talks with creditors to extend maturities on $2.78 billion of mortgages due next month, according to three people familiar with the discussions.

Holders of commercial mortgage-backed securities may receive more than $100 million of principal in exchange fo...

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Former magistrate backs Moss' mortgage plan, wants tougher consumer protection

Former magistrate Yvette McCartney-Meredith has called for new, tough legislation to protect Bahamians against unfair contract terms, to strengthen consumer protections and help the thousands of Bahamians who are upside down on their mortgages.

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408 enrolled to date in revamped mortgage relief program

The Christie administration's revamped mortgage relief program has enrolled 408 out of 1,744 eligible borrowers as of January 2017, as the country's mortgage delinquencies sit above $600 million.
Minister of State for Finance Michael Halkitis revealed yesterday in Parliament that 1,744 borrowers were deemed eligible for the program. And of the 1,400 that were contacted, only 408 borrowers, 23 perc...

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