For Immediate Release No. 16-15
March 17, 2015
For More Information Contact:
Regina Watson, Public Relations Officer
Ph: (340) 774-2991 ext. 4122
Fax: (340) 774-6953
Special Meeting of the Banking Board
Honorable Osbert E. Potter, Lieutenant Governor and Chairman of the Virgin
Islands Banking Board, presided over a special meeting of the Banking Board on
Monday, March 16, 2015 on St. Croix at Government House.
attending the meeting were Board Members Valdemier Collens (Department of
Finance Commissioner Designee); Pablo O’Neill, CPA; and Ernesto Gutierrez.
purpose of the meeting was to hear from Scotiabank officials their responses to
questions from the Banking Board and the Division of Banking and Insurance on
actions Scotia is taking to work with Virgin Islanders who have balloon
mortgages that have expired or will soon expire.
responded, at the request of the Board and the Division, that it:
offering a flexible loan modification program for its balloon mortgage
customers with no loan origination fee.An appraisal will be required only for loan amounts in excess of
offer a 30-year Fixed Rate Mortgage for customers whose balloon mortgages
have expired.No Adjustable Rate
Mortgages (ARM) will be offered.
send out written notices to notify balloon mortgage customers that the
period for loan modification has now been extended to September 30,
hold community meetings on the balloon mortgage loan modification process
from 5:30 pm – 6:30 pm on Wednesday, March 18, 2015 on St. Thomas at the
Small Business Development Center in Nisky Center and on Wednesday, March
25, 2015 on St. Croix at Scotiabank’s Sunny Isle Branch.To RSVP for either meeting, please call
place balloon mortgage loan modification advertisements on Scotiabank’s
website, on local radio stations and in local newspapers.
by unanimous vote of Members in attendance at the March 16, 2015 meeting, asked
Scotiabank to submit monthly progress reports on the status ofloan modifications to the Chairman of the
Board beginning March 31, 2015, with each month showing progress made since the
For information or
assistance, please contact the Division of Banking and Insurance at
340-773-6459 or 340-774-7166.