est. 2007

Barbados Underground

Bringing News and Opinions to the People

Response by CIBC First Caribbean International Bank to the Offer to Buy the Property of Ann Riley-Fox

The Fairness in Action Committee sent an offer to CIBC First Caribbean International to purchase the property highlighted in an earlier BU posting (see link below) from which Ann Riley-Fox was evicted.  The bank’s  attorney –Hastings Attorney-at-law – responded with this disturbing letter – see attached. Another  letter was hand delivered to their attorney urgently…

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CIBC First Caribbean is one of the largest banks in Barbados
CIBC First Caribbean International Bank

The Fairness in Action Committee sent an offer to CIBC First Caribbean International to purchase the property highlighted in an earlier BU posting (see link below) from which Ann Riley-Fox was evicted.  The bank’s  attorney –Hastings Attorney-at-law – responded with this disturbing letter – see attached.

Another  letter was hand delivered to their attorney urgently requesting clarification on the following extract from the letter, “the matter had engaged the attention of the Court” which was the reason given for not accepting the offer.

The said property was advertised for sale to the public in the Nation News Paper.

See related link: Fairness in Action Committee: Save the Home of Ann Riley-Fox

67 responses to “Response by CIBC First Caribbean International Bank to the Offer to Buy the Property of Ann Riley-Fox”

  1. NorthernObserver Avatar
    NorthernObserver

    While the rules/regulations on Reverse Mortgages vary by country, essentially you must have significant equity in the property, such that the Reverse Mortgage becomes the ONLY debt instrument against the title, and there is room for the interest charge to accumulate.
    If the property is already loaded up with debt, there is no equity to “unlock” within a reasonable margin of error.

  2. Anonymouse - TheGazer Avatar
    Anonymouse – TheGazer

    In the mighty US one has to be wary of reverse mortgages. Given thed fact that people look woyh suspicion at banks and insursnce companies, introducing that reverse mortgages in Batbados would compound the problem.

  3. Anonymouse - TheGazer Avatar
    Anonymouse – TheGazer

    The
    With
    Need to get off phone and couch

  4. Anonymouse - TheGazer Avatar
    Anonymouse – TheGazer

    Great comment Northern one.
    The lack of financial education in the general public should also be mentioned.

  5. Hal Austin Avatar
    Hal Austin

    Financial education a job for the media – not lawyers or bankers. A weekly column by a trained and knowledgeable person.

  6. Hal Austin Avatar
    Hal Austin

    Reverse mortgages (equity release) are not a god idea. T|he time to release equity in a home is to pay for long time care in the latter stages of one’s life. Releasing equity to invest in a business is a Faustian deal. Bad financial advice.
    By the way, why can’t financial education be part of maths?

  7. Hal Austin Avatar
    Hal Austin

    good….long term…..

  8. Hants Avatar
    Hants

    “MANAGEMENT OF CIBC FirstCaribbean International Bank is feeling cheerful this holiday

    season as the bank reports a $286.6 million profit for the financial year ended October 31.

    http://www.nationnews.com/nationnews/news/91330/firstcaribbean-profits-usd286m#sthash.HufUTtTg.dpuf

    “the bank reports a $286.6 million PROFIT for the financial year ended October 31.”

  9. Sargeant Avatar
    Sargeant

    “Lower loan loss impairment expense contributed significantly to this result, as the bank benefited from increased loan recoveries and an improved loss experience. Growth in our core revenue was also a highlight for the year,” the CEO said – See more at: http://www.nationnews.com/nationnews/news/91330/firstcaribbean-profits-usd286m#sthash.HufUTtTg.WfqiwR5J.dpuf
    +++++++++
    In Bank speak that means we have been aggressive in pursuing people who default on their loans and ensuring that we have a viable asset recovery program, Ms. Fox Riley can attest to that. Which headline is better? One stating that the Bank made profits or another stating that it didn’t?

  10. NorthernObserver Avatar
    NorthernObserver

    https://www.cibc.com/fcib/pdf/cibc-fcib-group-ar-2016.pdf

    go down to p88, their retail banking sector isn’t making money.

  11. David Avatar
    David

    Wild Coot has his say on this matter -he is a retired banker.

    http://www.nationnews.com/nationnews/news/91796/wild-coot-bankers

  12. Bush Tea Avatar
    Bush Tea

    Was that not somewhat like Richard Sealy explaining that the Maxwell sea was safe for swimming…?

    Nobody wants to hear about standard bank policy. The accusation was that this particular bank targets victims to be exploited for the benefit of particulate individuals in the bank and their secret associates….
    …but Coot would be unaware of such occurrences …. just as Sealy is ‘clueless’ as to the workings of the South Coast sewerage plant…. or the ‘South West’ one according to a DLP spokesperson… 🙂

  13. ac Avatar
    ac

    Bush shit according to your opinions on world views on issues like joe the plumber and the kitchen sink every one is clueless for one who seems to have a better knowledge of knowing what the missing clues are why have u not reserved those clinical and analytical perceptions taking them to a higher level of marksmanship with a bullsseye approach of tackling

  14. Bush Tea Avatar
    Bush Tea

    @ ac
    You seem uncharacteristically UN-Scrooge-like this Christmas…
    Like the man came home for a few days yuh…. ??!!
    No wonder you were looking for recipes…. 🙂

    But perhaps you misunderstand your shortcomings …. You probably mistook a ‘p’ for a ‘d’.
    It’s not fooD that the man wants….
    LOL
    ha ha ha ha

  15. bajans Avatar
    bajans

    Bush Tea, yuh rebel! ha ha ha.

  16. ac Avatar
    ac

    Budh man the Mr. Says he has to agreed with your observations. They were “bang on” and well placed

  17. Bush Tea Avatar
    Bush Tea

    @ bajans
    🙂

    @ ac
    the Mr. Says he has to agreed with your observations
    +++++++++++++++++++++++++++++++++++++++++++
    Surprise Surprise!!
    Well turn off the damn computer …and free up the beast woman….

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