Foreclosures coming! Fraser wants National Bank debt forgiven
Third District Representative Julian Fraser has warned that foreclosures are on the horizon for some persons who have loans with the National Bank of the Virgin Islands (NBVI).
Speaking in the House of Assembly recently, Fraser specifically referred to Virgin Islanders who have home loans with the NBVI and were offered COVID-19 reprieves.
“I would like for you to investigate the possibility of the interest on their loans during that period being forgiven,” Fraser said to the House.
According to the Opposition legislator, when the banks talked about giving persons a reprieve during the period of COVID-19, many persons didn’t understand or were not aware that the reprieve was only for people who were current with their loans.
“If you were a month late, you didn’t get [the reprieve],” Fraser said. “And when the time came for them to pay up, they were even worse off, so the foreclosures are out there coming in. We can’t afford that.“
Fraser said while there might be some who are wilful in being delinquent, those persons shouldn’t be allowed to take the good ones down with them.
“This is an area that the government has to look into, we own that bank,” he added.
Fraser continued: “And when you do the figures, maybe you might find the figures are too big so you could only do 75 percent. Maybe you might find that 75 percent is too much, so you do 72 percent or 73 and a half.”
He reminded persons that there is no unemployment insurance available in the BVI.
“If we had that, people would’ve had an income coming in, but there was nothing. So, let’s look at that area as one of the things that are necessary to continue to aid in the relief of the suffering that the people are going through,” Fraser stated.
“I would like for you to investigate the possibility of the interest on their loans during that period being forgiven,” Fraser said to the House.
According to the Opposition legislator, when the banks talked about giving persons a reprieve during the period of COVID-19, many persons didn’t understand or were not aware that the reprieve was only for people who were current with their loans.
“If you were a month late, you didn’t get [the reprieve],” Fraser said. “And when the time came for them to pay up, they were even worse off, so the foreclosures are out there coming in. We can’t afford that.“
Fraser said while there might be some who are wilful in being delinquent, those persons shouldn’t be allowed to take the good ones down with them.
“This is an area that the government has to look into, we own that bank,” he added.
Fraser continued: “And when you do the figures, maybe you might find the figures are too big so you could only do 75 percent. Maybe you might find that 75 percent is too much, so you do 72 percent or 73 and a half.”
He reminded persons that there is no unemployment insurance available in the BVI.
“If we had that, people would’ve had an income coming in, but there was nothing. So, let’s look at that area as one of the things that are necessary to continue to aid in the relief of the suffering that the people are going through,” Fraser stated.
