George Town Central MLA Kenneth Bryan raises the red flag on local evaluators self-regulating themselves, especially with foreclosures on the rise in Cayman.
Mr. Bryan, speaking in Finance Committee on Friday (10 November,) said as Caymanians lose their homes with more frequency those homes are being undervalued for sale. He said there must be Government oversight of that evaluation process.
“I’m surprised to hear they’re (evaluators) not regulated by Government and they’re regulating themselves. I think this may actually be one of the reasons why we have such, so many foreclosures or one of the added attributes to potential wrongful foreclosures,” Mr. Bryan said.
Lands Minister Juliana O’Connor-Connolly assured foreclosures are a concern for the government and she will take the issue to caucus to set up government monitoring of valuations.