{"id":18671,"date":"2024-04-16T14:31:59","date_gmt":"2024-04-16T14:31:59","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=18671"},"modified":"2024-04-16T14:32:00","modified_gmt":"2024-04-16T14:32:00","slug":"nbs-provides-low-mortgages-to-14000-citizens-says-jagdeo","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/nbs-provides-low-mortgages-to-14000-citizens-says-jagdeo\/","title":{"rendered":"NBS Provides Low Mortgages to 14,000 Citizens, Says Jagdeo"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p>By Josiah Williams<\/p>\n\n\n\n<p>PPP General Secretary, Dr. Bharrat Jagdeo, commends the New Building Society (NBS) for its commitment to offering low mortgage interest rates to home builders, dismissing claims of profit loss. <\/p>\n\n\n\n<p>Dr. Jagdeo&#8217;s remarks come in response to a recent article in the Kaieteur News alleging that NBS suffered a half-billion-dollar profit loss due to low mortgage rates, with non-performing loans becoming a concern. <\/p>\n\n\n\n<p>However, Dr. Jagdeo asserts that NBS&#8217;s primary goal is to provide affordable mortgages to citizens, not solely for profit, and emphasizes their success in fulfilling this mission.<\/p>\n\n\n\n<p>The PPP General Secretary refutes claims made in the article, highlighting that NBS&#8217;s decision to provide refunds to 14,000 mortgage holders was not a loss but a fulfillment of their mandate. <\/p>\n\n\n\n<p>He clarifies that President Ali did not intervene to direct NBS to lower mortgage rates further, contrary to the article&#8217;s assertions.<\/p>\n\n\n\n<p>Dr. Jagdeo contextualizes NBS&#8217;s efforts, noting that in the 90s, mortgage rates were around 40%, but efforts to reduce inflation and stabilize exchange rates significantly lowered this figure.<\/p>\n\n\n\n<p>Regarding concerns about non-performing loans, Dr. Jagdeo labels the article&#8217;s claims as &#8216;dangerous&#8217; and asserts that there has been a reduction in non-performing loans across the banking sector. <\/p>\n\n\n\n<p>He attributes this to strengthened banking regulations, particularly in anti-money laundering and countering financing of terrorism policies.<\/p>\n\n\n\n<p>Dr. Jagdeo reaffirms the government&#8217;s commitment to urging commercial banks to lower mortgage rates to facilitate homeownership. <\/p>\n\n\n\n<p>Additionally, he highlights government initiatives to allocate land to citizens as collateral for building homes.<\/p>\n\n\n\n<p>In conclusion, Dr. Jagdeo&#8217;s remarks aim to dispel misconceptions about NBS&#8217;s operations and highlight the government&#8217;s efforts to support affordable housing initiatives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Josiah Williams PPP General Secretary, Dr. Bharrat Jagdeo, commends the New Building Society (NBS) for its commitment to offering low mortgage interest rates to home builders, dismissing claims of&hellip;<\/p>\n","protected":false},"author":4,"featured_media":18672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[350],"tags":[],"class_list":["post-18671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/18671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=18671"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/18671\/revisions"}],"predecessor-version":[{"id":18673,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/18671\/revisions\/18673"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/18672"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=18671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=18671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=18671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}