Of the 66,479 PDH accounts remaining in arrears, 28,237 – or 42 percent – have very deep arrears, with arrears balances of more than 720 days past due. It is important to stress, in this regard, that engagement by borrowers is critical in order to avail of the statutory safeguards available through the CCMA and the Mortgage Arrears Resolution Process (MARP).
Congratulations to the organizers for choosing this contemporary but forward looking topic. Let me begin by referring to a recent report by the World Economic Forum titled “Rethinking Negative Innovation – Reducing Negative Outcomes while Retaining the Benefits”. The report attempts to answer certain fundamental questions: a. Is financial innovation needed? b. There is a thin line of demarcation between innovation and violation.