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Another FINSAC ‘victim’ falls
2008-04-26 Written by: Kimmo Matthews 
Yola Baker, ‘victim’ of the FINSAC debacle, points to the house she is about to lose.
She sat in the courtroom looking up at the ceiling with her head slightly tilted to the left and her hands folded in her lap. She wore a slight smile, but it was not one of happiness.
The look instead was that of a person who had not only been pushed close to the brink and back, but also of one who was deeply contemplating what would be the next move after learning that she was about to lose all that she worked for — her house. Thirty-three years after owning their house, 60-year-old Yola Baker and her husband Milton would have to find a new shelter.
On of the latest ‘victims’ of the FINSAC debacle, Baker and her husband on Thursday, April 17, appeared in the Sutton Street Civil Court, where they not only learnt that they had lost their house, but were also forced to beg for additional time to relocate after they were issued with six-day notice to move out. The couple was due to return to court last Friday to know how much time would be given.
Like so many others before them, the Baker’s debacle started from a small loan in the 1990’s, a period which is still being described by analysts, as one of the darkest in the country’s history.
According to some economists, the financial meltdown of the1990s was the period which led to the decapitation of the entrepreneurial class in Jamaica. The couple borrowed a little over $10 million. But the high interest rate hit like a bomb. The couple paid $49 million, but according to the records, that they still owe a whopping $79 million.
“It is like I don’t know what to say…can you imagine after working all of your life to achieve something, to own somewhere, a place you can call home…our hard work, sweat and toil…is just not fair,” said a weary looking Mrs. Baker, who tried desperately to hold back the tears and to remain strong in the face of adversity.
As she struggled to explain her plight, her husband briskly stepped up to her side, as she recounted her horror story.
“It is a situation which is more than words can express,” Baker told the Sunday Herald, while standing among several other debtors facing similar circumstances and staging a silent protest on the issue. According to her husband who was the managing director of Ancar Development and Construction Limited, an incorporated company, he pledged four personal real estate properties as collateral for a business loan from then Mutual Security Bank. This loan, according to Baker, was used as bridge financing for a contract
Baker said that between January 17, 1994 and June 16, 1997, amidst the high interest rate charged by the banks, the company serviced its loan. Payments made to the bank amounted to $41,508,061.74.
Baker said that with the introduction of FINSAC, his account was taken over by government and eventually sold. He said that between August 1997 and March 2002, an additional $7,343 689 was paid towards liquidating the debt from the sale of two real estate properties and income from work in progress. Baker said he had issues not only with the method of accounting used by the bank, but also his unsuccessful attempts to seek redress over the past 10 years.
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Another FINSAC ‘victim’ falls
2008-04-26 Written by: Kimmo Matthews Yola Baker, ‘victim’ of the FINSAC debacle, points to the house she is about to lose.
She sat in the courtroom looking up at the ceiling with her head slightly tilted to the left and her hands folded in her lap. She wore a slight smile, but it was not one of happiness.
The look instead was that of a person who had not only been pushed close to the brink and back, but also of one who was deeply contemplating what would be the next move after learning that she was about to lose all that she worked for — her house. Thirty-three years after owning their house, 60-year-old Yola Baker and her husband Milton would have to find a new shelter.
On of the latest ‘victims’ of the FINSAC debacle, Baker and her husband on Thursday, April 17, appeared in the Sutton Street Civil Court, where they not only learnt that they had lost their house, but were also forced to beg for additional time to relocate after they were issued with six-day notice to move out. The couple was due to return to court last Friday to know how much time would be given.
Like so many others before them, the Baker’s debacle started from a small loan in the 1990’s, a period which is still being described by analysts, as one of the darkest in the country’s history.
According to some economists, the financial meltdown of the1990s was the period which led to the decapitation of the entrepreneurial class in Jamaica. The couple borrowed a little over $10 million. But the high interest rate hit like a bomb. The couple paid $49 million, but according to the records, that they still owe a whopping $79 million.
“It is like I don’t know what to say…can you imagine after working all of your life to achieve something, to own somewhere, a place you can call home…our hard work, sweat and toil…is just not fair,” said a weary looking Mrs. Baker, who tried desperately to hold back the tears and to remain strong in the face of adversity.
As she struggled to explain her plight, her husband briskly stepped up to her side, as she recounted her horror story.
“It is a situation which is more than words can express,” Baker told the Sunday Herald, while standing among several other debtors facing similar circumstances and staging a silent protest on the issue. According to her husband who was the managing director of Ancar Development and Construction Limited, an incorporated company, he pledged four personal real estate properties as collateral for a business loan from then Mutual Security Bank. This loan, according to Baker, was used as bridge financing for a contract
Baker said that between January 17, 1994 and June 16, 1997, amidst the high interest rate charged by the banks, the company serviced its loan. Payments made to the bank amounted to $41,508,061.74.
Baker said that with the introduction of FINSAC, his account was taken over by government and eventually sold. He said that between August 1997 and March 2002, an additional $7,343 689 was paid towards liquidating the debt from the sale of two real estate properties and income from work in progress. Baker said he had issues not only with the method of accounting used by the bank, but also his unsuccessful attempts to seek redress over the past 10 years.
Related Articles:
Men raping men Meter tampering at Azan’s sto Church considering its next mov Tracking Cash Plus assets <A href="http://www.sunheraldja.com/article/show/709">Another $10 billion ‘hidden‼/a> DPP yet to rule on Tivoli shoot PALS needs funding, volunteers Health Ministry could be in tro Article Summary
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