The Law Reform Commission’s review of Cayman’s current mortgage framework is nearing completion.
But it’s unlikely recommendations or changes will be made any time soon.
On Wednesday (14 November) Financial Services Minister Hon. Tara Rivers shared the update as she responded to questions raised by George Town Central MLA Kenneth Bryan.
She told the LA the commission is expected to publish its report on the current framework later this month, but that is just the first step in a lengthy process.
“Upon receipt of comments following publication of the report the Law Reform Commission will be in a position to finalise its recommendations in the final report, which will be submitted to the Honourable Attorney General and subsequently to the relevant government ministries,” said Minister Rivers.
The minister acknowledged that foreclosures continue to be a matter of concern for all sides of the aisle, however, she stressed the process has to be followed.