Questions for local banks

Dear Editor,

I write to enquire as to why Jamaicans who are US citizens or legal permanent residents cannot obtain mortgages from banks of building societies to purchase homes in the United States or overseas.

Jamaicans are forced to borrow money at above the going mortgage rate to purchase their homes overseas. I believe that local banks and building societies should clear the hurdles that presently exist that prevent them from accessing mortgage loans for which they would qualify.

There are Jamaicans who maintain ties at home, financially and otherwise, who would find it difficult to obtain a mortgage from a bank in the US because of low credit scores, etc. As one gets older, the risks become greater and the mortgage loan periods are shorter with higher interest rates due to higher risks.

All banks and building societies operating in Jamaica have correspondent banks with which they do overseas transactions, so I don't see what should prevent them from holding titles in the US, or for that matter in Jamaica, for properties which they have paid for by issuing mortgages and have an interest in.

I await an educated response from banks and credit unions operating in Jamaica.

Joseph M Cornwall Sr, JP

tranquillityfh@yahoo.com

Questions for local banks

-->