F R E E Issue 91
Friday, 17 July, 2015
Price: Free
UK navy ship calls on Cayman
O
n the bridge of the Royal Fleet Auxiliary (RFA) ship Lyme Bay her Majesty’s auxiliaries maintain vigil over the bustling tourism traffic of George Town Harbour. Bridge watchman Jim Terry surveys the scene as tenders ferry boatloads of tourists between their cruise liners to the George Town waterfront. The crew of the Lyme Bay will be conducting drills on disaster relief and amphibious landings as part of the Royal Navy’s Atlantic Patrol Tasking North operation. In addition to delivering the governor’s new car, the operation provides year round disaster relief in the Caribbean and also assists governments in the region with counter narcotics operations. We will have more on this story in the next edition of The Cayman Reporter.
The RFA Lyme Bay is capable of maintaining position without anchors.
Bridge Watchman Jim Terry surveys tourism traffic in GT Harbour.
Concerned citizens band together in face of foreclosures risk of losing their homes and equity. The group consisted of a variety of educated, professional people with the consistent theme of having lost their homes, or at risk of losing them. The conversation became, at times, emotional as people described losing tens of thousands in equity to tight payment deadlines that they could not meet. Another member, who also wished to remain anonymous, stated that this small gathering was, “just the tip of the iceberg.” The group’s original intention was to address under employment and unemployment of Caymanians, with foreclosures of homes a related symptom of the problem they are trying to address. Complaints of foreclosures surface Many in the group had been re-paying these loans for a number people in the community for a of years, with no previous issues in ° By: Rory McDonough group that cared.” said one found- relation to their submitting their group of local concerned ing member over the phone, who payments on time. However, there was and is little going on in the way citizens have formed a wished to remain unnamed. committee with the intenThe group, consisting of more of negotiations between the banks tion of raising awareness than a dozen members, met under and the former homeowners with of the struggles facing Caymanians a cabana in the park by the airport regard to restructuring a payment with regard to underemployment Wednesday evening and discussed plan that could see them through and the foreclosure of their homes. the issues facing its members and their financial difficulties. “We came together as a collec- many local people struggling to keep For some, the personal financial tive to address the needs of the up with mortgage payments and at difficulty they experienced was likely
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short term, but the stringent terms of the banks has led them to lose their homes – with a 90 day limit on falling behind on payments before the bank foreclosed the property. “We as a government, and the Ministers of Finance and Financial Services in particular, have had a series of meetings with reps of local banks to impress upon them the need to work with clients in difficulties. They have assured us they will and that they go the extra mile before taking that last punitive step, that is taking the home,” stated Community Affairs Minister Hon. Osbourne Bodden. “Of course full employment for our people is the goal we have in mind, and is the only real solution, where they earn a decent wage and can provide for their families while meeting their obligations. Our people also have to be responsible, and ensure they prioritize and pay their needs first and foremost, before addressing their wants,” he continued. Often members of the group, while still meeting their payments on time, had properties that had been valued by the banks with
notable equity. However, once payments had been missed and homes taken after around 100 days, they claimed banks significantly undervalued their property. Th is took place regardless of the previous appraisals of genuine value by the same banks as well as their equity becoming a meaningless figure, with the bank selling the properties at the original loans base. One community member explained his house was appraised at $550,000 CI - being affi rmed by his loan’s insurance premiums. After suffering from an illness that led him to fall into arrears for more than 90 days, he claims the bank auct ioned off his home and land for $380,000 CI. The emotion was palpable in his explanation of the story, but there was also an air of determination in the group. “Together we have the strength to reach out to our community and to ‘parle’ with government,” said the annonymous founding member. “When you are on your own struggling in the trenches, it’s difficult, but together we can raise awareness and get things done.”
Announcing Summer flights on
WEDNESDAYS Cayman to La Ceiba Now fly Wed, Fri & Mon