XM Loans - The Mortgage Optimizer

How long will Bahamians sit back and tacitly agree to all of the forms of injustice that continue to plague our fair isles? How long will allow our allegiances to political organizations, religious institutions and junkanoo groups shape our worldview and influence our decisions? As was stated by an individual on the global political stage many months ago, "we are the ones that we have been waiting for". And while this once rising star in politics has now become a faded and jaded speech merchant, those words spoken then still ring true. In the context of the Bahamian economy, we must ask ourselves just how is it that the banks which are licensed by the government of the Bahamas to conduct banking business in the entire Commonwealth of the Bahamas can refuse to make loans to qualified applicants simply because they live on an island where the bank in question does not have a branch location. Yet, when a major developer or hotel chain announces their intent to build a resort on the very same island, the same bank can line up to loan them the money for their project. In the United States, consumers are protected from such discriminatory practices by the federal Fair Housing Act and the Housing and Urban Development's Office of Fair Housing and Equal Opportunity actively enforces those provisions of the law. In Canada (where most of the Commercial Banks originate) the Mortgage and Housing Corporation has similar policies which prohibit unfair practices as well.

It is inequities such as this which we as Bahamians cannot simply allow to continue. We must demand that our legislators act in our best interest and not those of multi-national bankers and developers. Allowing institution the right to "cherry pick" which islands or communities of our country they ply their trade is tantamount to economic discrimination, and unless the masses of Bahamians discontinue going along to get along, the fate of our far flung brothers and sisters will not change.

The time for trickle down economics has passed. Bahamians on every island, rock and cay must be given the same access to capital as those in New Providence, Grand Bahama and Exuma. However, if you do not stand up and demand more for yourself and your children, please do not complain when you and your progeny are consigned to the margins of history. Let us insist that our Commonwealth finally expel all pirates and restore true and fair commerce to all of our deserving sons and daughters. It is a fact that many of these banks could never contemplate engaging in the discriminatory practices in their home jurisdictions, as their citizens, laws and regulators would never tolerate it. But in our "jobs mentality" culture, citizens are primarily concerned about keeping their jobs rather than inciting real progress in our country.

From the President’s desk….

There has been a lot of talk from local pundits lately regarding our economy being on the verge of a turn around. However, these comments belie the reality of what is taking place in financial markets worldwide.

Without wanting to be alarmists, we are of the view that those making these optimistics pronouncements are either completely inept or are intentionally seeking to mislead an unsuspecting public.

Accordingly, our advice is to please proceed carefully as the recession is by no stretch of the imagination behind us. What is posterior to us however, is apparently the device by which these pundits arrive at their conclusions!

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The material contained in this newsletter has been prepared by XM Loans Ltd. 404 Bay Street, PO Box N-4443, Nassau, Bahamas and independent feature contributors. The material provided is for informational and educational purposes only and should not be construed as investment, financial, real estate and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.

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