Describing the Progressive Liberal Party’s (PLP) proposed mortgage relief plan as “unworkable” and “thoughtlesss”, Prime Minister Hubert Ingraham announced yesterday that the Free National Movement (FNM) will unveil its own proposal to help struggling homeowners.
“I think it’s a pie in the sky and not workable and you should talk to the professionals in the business,” Ingraham said.
“It’s very thoughtlessly done, designed I suppose to do what it has done, to be catchy.”
On Sunday, the PLP released a 10-point plan to help struggling homeowners, which includes obtaining agreement from local banks to write off 100 percent of unpaid interest and fees for people facing foreclosure.
The party has pledged to work with banks and other institutional lenders to agree to a 120-day moratorium on foreclosures.
This moratorium would allow for the appropriate consultation to take place within the financial sector and with the Central Bank, and it would also allow the necessary legislative authority for the planned measures to be put in place, the PLP said.
But Ingraham said that is not a plan.
“The FNM is not going to put in place a plan to deal with people who have not been paying who could afford to pay. It’s a plan for those who cannot afford to pay but who have been paying and who paid when they could pay and who because of the recession etc. are now not able to pay.”
