‘Heartless’ banks undermining democracy, Nekundi says
Swapo member of parliament and deputy minister of works Veikko Nekundi has called on government to tighten the screws on local commercial banks regarding the repossession of homes.
He urged the state to implement the amended High Court Bill “with vigour” to ensure people do not lose their homes without proper recourse.
Parliamentary discussions around the High Court Amendment Bill focused on the inadequate protection of homeowners and how the country’s courts do not have discretionary powers to intervene when banks are about to auction off homes.
The amendment also looks at ensuring that lawyers are used as a last resort when homeowners are unable to pay their arrears, so as not to drive up the homeowner’s existing debt.
Last Thursday, Nekundi said passing the bill should not just be a formality, but must add meaning to the lives of Namibian people.
He noted that homes are important for democracy, where the dignity of human beings should be ensured.
“Our people have been suffering greatly at the hands of the banks in this country with no mercy. They are heartless – happy to gain at the expense as they celebrate when they chase them into roofless environment,” he said.
“It is unheard of when everyone is in financial stress, yet the banks - whose profits are protected by laws - are making billions in profits. They don’t even plough back into society; even now when our people are faced with severe droughts, they are nowhere to be seen,” Nekundi fumed.
No mercy
“This bill must have no mercy on the banks. Instead, it must - in the real sense of the word - advance the interest of the people, our people,” he said.
The former youth leader said there is no way a homeowner would stop paying their mortgage without a valid reason, adding that it is important to note that banks auctioning off homes has a terrible impact on the lives of affected families.
He emphasised that this trickles down to a psychological impact on children and their ability to continue their education in their new stressful circumstances.
“This child will feel and act like an orphan. Therefore, the moment has arrived when this August House should stand firm in the protection of our people, and children in particular, who should never be made artificial orphans at the hands of the banks,” Nekundi said.
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He urged the state to implement the amended High Court Bill “with vigour” to ensure people do not lose their homes without proper recourse.
Parliamentary discussions around the High Court Amendment Bill focused on the inadequate protection of homeowners and how the country’s courts do not have discretionary powers to intervene when banks are about to auction off homes.
The amendment also looks at ensuring that lawyers are used as a last resort when homeowners are unable to pay their arrears, so as not to drive up the homeowner’s existing debt.
Last Thursday, Nekundi said passing the bill should not just be a formality, but must add meaning to the lives of Namibian people.
He noted that homes are important for democracy, where the dignity of human beings should be ensured.
“Our people have been suffering greatly at the hands of the banks in this country with no mercy. They are heartless – happy to gain at the expense as they celebrate when they chase them into roofless environment,” he said.
“It is unheard of when everyone is in financial stress, yet the banks - whose profits are protected by laws - are making billions in profits. They don’t even plough back into society; even now when our people are faced with severe droughts, they are nowhere to be seen,” Nekundi fumed.
No mercy
“This bill must have no mercy on the banks. Instead, it must - in the real sense of the word - advance the interest of the people, our people,” he said.
The former youth leader said there is no way a homeowner would stop paying their mortgage without a valid reason, adding that it is important to note that banks auctioning off homes has a terrible impact on the lives of affected families.
He emphasised that this trickles down to a psychological impact on children and their ability to continue their education in their new stressful circumstances.
“This child will feel and act like an orphan. Therefore, the moment has arrived when this August House should stand firm in the protection of our people, and children in particular, who should never be made artificial orphans at the hands of the banks,” Nekundi said.
[email protected]
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