Government borrows $60 million from NIB for 125 houses.
That’s $480,000 for each house!
Not to mention the fact that these funds are being “borrowed” from NIB, (our social security fund), and will probably never be paid back.
Oh, and isn’t the Bahamas Mortgage Corporation technically bankrupt? So why would anyone buy mortgage backed securities from them? Remember the US Housing Crisis and Freddie Mae and Fanny Mac?
What’s wrong with this picture?
By: Rick Lowe
www.weblogbahamas.com
