Both the PUP and UDP have failed to provide usury laws that will protect home owners from excessive interest rates, that result in mortgage foreclosures and lose of homes. But the Belize Progressive Party plans on providing such laws that will protect home owners and save their homes.
High interest rates are causing thousands of home owners to loose their homes. Excessively high interest rates are usurious and have been condemned by writings of the major religions of the world. The BPP points to the Quran (Koran) whose words come from the same God as Judaism and Christianity condemn usury stating: “Allah has forbidden usury” (Sura 2, verse 276).
Major countrys have usury laws that prohibit usury. Those who make loans at usurious rates are referred to as Loan Sharks. They are subject to prison sentences in Countries with usury laws.
During the times when the PUP and UDP have been in office, writings addressing the problems resulting from high interest rates have been publicized. However, neither the PUP or UDP have done anything, of consequence; towards enacting usury laws or taking similar measures to protect Belizeans from losing their homes. Consequently, while the UDP and PUP do nothing, each week hundreds of Belizeans lose their homes.
Usury presents an additional problem resulting from greed. It is a foreclosure game that the rich and connected play.
A number of years back, a property that had an appraised value of about $2,000,000.00 was foreclosed on. The Prime Minister’s law office handled the foreclosure. There was approximately $200,000.00 owed on the property’s mortgage. A high bid of $1,000,000.00 was offered. However, the offered high bid was either not accepted or disqualified; friends of the Prime Minister obtained the property at the sale on their approximate $200,000.00 bid.
There have been other occasions where the party to receive the property at the foreclosure sale was determined before the foreclosure sale.
Belize Progressive Party will do what the PUP and UDP have failed and neglected to do. Belize Progressive Party will seek laws to prevent usury and protect home owners from loss of their properties.