George Town Central MLA Kenneth Bryan told attendees of a public meeting Tuesday (24 April) at George Town town hall that Cayman is in the midst of a mortgage crisis.
He told Cayman 27 he’s taking his call to establish a mortgage review select committee to the Legislative Assembly chamber.
Mr. Bryan outlined several critical issues that he says must be addressed. He said what banks offer as mortgages in the Cayman Islands are not technically mortgages, rather, he said they are ‘demand loans’.
“They don’t like the concept of mortgages, they like the concept of demand loans, because if they say, you know, ‘I just want to get out of this bad debt, sell it for whatever you can get for it, I just want to get rid of it and they still owe us’, especially when they want to sell you this dream,” said Mr. Bryan.
His upcoming motion tasks an 8-member select committee with investigating and making recommendations on future legislation surrounding the mortgage loan process.