Despite the office of the Auditor General expressing concerns about the design and legality of the $2.05 million “Save the Mortgage” programme, the Attorney General’s Chambers gave its blessing to the programme in a legal opinion dated 31 May, 2012.

The Auditor General had particular concerns regarding the formation and direction of the governing committee by Cayman Islands Premier McKeeva Bush.

The Dart Group paid for the programme through the ForCayman Investment Alliance. It provides interest-free loans of up to $20,000, with repayment terms of up to 50 years, to Caymanians who are facing foreclosure or who are at least three months delinquent on mortgage payments.

The Attorney General’s Chambers issued an opinion that indicated the programme, did pass muster under the constitution and other laws.

The opinion said, “Having examined the governance and control framework of the Save the Mortgage programme we believe that, if it is strictly adhered to by the committee, the Save the Mortgage programme would not be opened to the abuse, mismanagement or conflict of interest that the [Auditor General’s Office] is concerned about.”

The Attorney General of the Cayman Islands is the Honourable Samuel W. Bulgin QC, JP; LL.B. (Hons) CLE.