Kenney formerly worked in Arizona as a mortgage lending specialist.
In Chuuk, Kenney has plans to decrease the delinquency rate of 504 unsecured loans from 18 percent, which he considers high, to a more reasonable number like 12 percent.
USDA Rural Development delivers important contributions to the social and economic development of the Federated States of Micronesia by lending money through 504 unsecured loans and grants to people who have no other means to make improvements to their existing homes. These loans can be made up to $7,500.
Kenney stated that his biggest challenge will be to locate public records and make sure people own the property that they reside on before they can get a loan.
Since the public records building burnt down in Chuuk several years ago, this process can be difficult and potentially can slow down the lending that USDA-RD can do in the state.
FSM President Manny Mori sent out a memo to all department and agency heads of the national government to announce Kenny’s arrival and requested their cooperation and courtesy so that he can facilitate his duties during his tenure in Chuuk.
