|Home Owners Association slates regulators|
|Written by Augetto Graig|
|Wednesday, 25 July 2012 21:41|
The Namibia Home Owners Association (NHOA) and its chairperson, Erica Beukes, this week accused Namibian regulatory authorities of complacency and collusion with commercial banks in illegally orchestrating home loan foreclosures, in collaboration with the judicial system and singled out specialised law firms in particular for criticism.Citing the findings of a parliamentary enquiry into the maladministration of home loans conducted in July 2009, Beukes accused the Namibia Financial Supervisory Agency (Namfisa) and its CEO of grossly misrepresenting the provision of the Usury Act of 1968 to parliamentarians. The NHOA is also pointing fingers at commercial banks, whom they accuse of acting “to misinform the legislator as to the true state of affairs, thus disabling it from intervening effectively in the problem.”
The NHOA claims that in Windhoek alone, each week as many as 40 to 50 home owners are taken to court for default judgements. “The consequences for the economy and the state itself should be clear,” Beukes said, explaining that, “a huge number of families lose their homes countrywide, clearly putting strain on the state and public resources, further impacting on the standard of living of whole communities.”
“Squatting directly relates to home losses and factors, such as urbanisation, amongst other evils robbing people of their pensions and employment benefits,” Beukes maintains. “The fact that instances, like Bank of Namibia and NAMFISA, simply do not carry out their functions to stop illegal home losses and the huge financial losses due to illegal amounts added to home loans, causes a situation in which the City Police and the municipalities are pitted against squatters, thus intensifying social unrest.”
Beukes further set out the basic legal requirements for securing a home loan and questioned the compulsory life insurance and legal fees included in repayment calculations by Namibian commercial banks. Not only are these additions illegal, she claims, but the regulators and the legal fraternity are in cahoots with the banks in robbing the vulnerable poor of their homes and their dignity.
Questions sent to Standard Bank, First National Bank, Bank Windhoek and Namfisa remained unanswered at the time of going print.