The board of the Bahamas Mortgage Corporation (BMC) met in Abaco for the first time as they seek to get a better view of what is happening on the island.
Senator Alex Storr, Chairman of the Bahamas Mortgage Corporation, said that “the BMC Board thought that it was prudent to meet in Abaco to see the conditions that are specific to here and how best we can use the corporation’s resources to affect change in Abaco in terms of the needs of housing.”
“We thought it was best to come to Abaco and see for ourselves then decide on what is the way forward for Abaco in the future.”
He said that Abaco is in the higher margin area for arrears on mortgages. “We don’t know the particular reason for that so we want to see if there is something we can do as a corporation to help bring these persons in line or if there are programs or actions we can to take in order to make the clients regular.”
He said that owning a home is a commitment and you have to take your responsibility serious. He added that while BMC is here if there are any new applicants they will also look at them as well as assessing if there is any need for additional housing.
He said that if there is need for more housing “Spring City has room for growth and we will look to see what we can do or recommend to the Department of Housing.”
Member of Parliament for North Abaco and Parliamentary Secretary Renardo Curry thanked the BMC for coming to Abaco and shared his concern of one of the greater crisis in the country today, which he said is the mortgage crisis.
“I have come into contact with many who are about to lose their homes,” he said. “We are hopeful that we can work together with the mortgage corporation to see how we can help those individuals and bring relief to my constituents.”