SAMUELS
EARL SAMUELS, the managing director of the National Housing Trust, yesterday dismissed rumours that the Trust is attempting to flog a chunk of its $49 billion mortgage portfolio.
" I heard about it for the first time yesterday (Wednesday)," Samuels told the Financial Gleaner.
"I have absolutely no clue of it. I was part of no meeting where it was discussed and it did not originate in any meeting of the board at which I was present," he said.
The NHT, with assets at the end of May of $81.45 billion, is a state-owned mortgage institution funded primarily by a payroll tax in which workers pay one per cent of their salaries and their employers three per cent.
Beneficiaries can borrow up to $3 million at below market rates for mortgages.
But rumour emerged in the financial sector this week that the NHT was seeking buyers for a portion of its portfolio, either to pull it out of a tight cash flow situation or to enhance liquidity to allow borrowing by the Government from the Trust to fund projects.
But Samuels rejected the suggestions.
"I know nothing about that," he said.
