According to the Parliament’s Joint Select Committee 2015 Report into TTMF –
“…In 2008 we had established what we called an HDC Unit in anticipation of 3500 mortgages from HDC within three years. Three years later we had to disband that Unit because the HDC did not have the titles that would afford mortgages…”
—testimony of TTMF’s then Managing Director, Ms. Ingrid Lashley, at pg. 126)
The most frequent question arising from last week’s article was in relation to this issue of bad titles on homes built by NHA and HDC, which made it impossible to finance sales via the traditional mortgage lenders. This requires an explanation before getting to the root of my concerns over the parallels with the US financial collapse in 2008 – the Wall Street meltdown which extended to have global consequences. Beyond that, I will draw on Jamaica’s National Housing Trust as an example of an alternative system of housing finance, less dependent on the agents of financialization now looming in the current T&T proposals.
Continue reading “Property Matters – HDC Housing Bonds, part 2”