Davao City Mayor Rodrigo Duterte speaks before protesting residents who are calling for the moratorium on housing foreclosure in several local housing projects. At least 5,000 homeowners from different subdivisions in Davao City and neighboring towns and cities marched on Wednesday, Feburary 11, 2009 to oppose the transfer of an estimated P13-billion worth of housing loans with the National Home Mortgage Finance Corporation (NHMFC) to a private entity known as Balikatan Housing Finance Inc. (BHFI). (AKP Images / Keith Bacongco)
4 comments:
Real estate is going downhills for sure.
The housing problem stemmed from the lack of commitment and compassion to help by the government. While First World countries who are facing massive housing foreclosure due to the current financial crisis are giving chances to borrowers to retake their loans and avail lowered interest rate to make them affordable, our government is doing the opposite by making it more difficult for borrowers.
NHMFC connived with Balikatan that it partly-owned in selling the housing units to the company that then raised the interest rates and speed up the foreclosures. This is totally against the guiding principle of low-cost housing and is absolutely illegal. While NHMFC prohibits borrowers from selling rights of their housing loan as contained in the mortgage loan documents, it sold without any notice, legal basis and proper advise all the rights of the borrowers to its own corporation, Balikatan (BHFI).
NHMFC also didn't take systematic collection and billing of loans. Not one of the homeowners/borrowers were sent monthly or quarterly billing or proper reminders. Lazy and dull, they didn't even offer borrowers possible arrangements for affordable loan payments or automatic bank deductions and the like. What it did was undertake a stealth and clandestine negotiation with its own BHFI and ensured a higher interest charged against the loans.
I think Congress must investigate this manipulation and illegal transaction with BHFI. Congress must also devise or resolve the housing problem by lowering the interest rates and condone all the penalties for borrowers to be able to pay especially during this time of worse global financial crisis.
The Philippine government seems to forget its duties and responsibilities in this democratic country. It has neglected vastly in the protection of low-cost housing borrowers who are now facing foreclosures and ejection by the NHMFC partly-owned (by 49%) Balikatan Housing Finance Inc (BHFI) during this global economic crisis.
Even the housing czar Vice-President Noli de Castro didn't lift a finger in providing solutions to housing problems particularly those involved in the Balikatan massive foreclosures which in spirit violates the law and meaning of low-cost housing program. He only shows himself in advertising housing programs but shy away from dealing with real problems his constituents are suffering from.
For a simple comparison with how USA handled similar program, read the news item provided by this website:
http://www.reuters.com/article/newsOne/idUSTRE51B6B620090212?pageNumber=1&virtualBrandChannel=0
It is really unthinkable that a poor country with borrowers facing the worst economic crisis suffered globally will be dealt with ejections and foreclosures that is born out of manipulation and syndicated oppressive transaction between NHMFC and Balikatan (BHFI).
Please help in asking local executives like Mayor Duterte to ask Senators or Congressmen to initiate the investigation of the anomalous system and transactions of NHMFC and Balikatan.
Ang pagtaas ng binabayaran ng mga borrowers ay nangyari din dahil sa ginawang restructuring ng NHMFC na hindi man lamang nagsabi sa mga tao na lalong lalaki ang magiging amortization nila kada buwan.
Kunwari ay pinapaasa nila na hindi na ma-foreclose ang bahay nila sa pamamagitan ng pagpayag sa restructuring ay lalo namang mas malaking pahirap ang ginawa sa pamamagitan ng pag-aalay nito dahil tumaas ang buwan-buwan na bayaran.
Dapat sana ay gumawa na lang ng usapan na maayos at maluwag na pagbabayad at pagpapababa ng utang at posibleng pagkaltas sa mga penalties, kabaligtaran ang nasa kanilang utak. Gusto nilang mawalan ng bahay ang mga nangungutang na di man lang inisip na tumataas ang lahat ng bilihin at gastos sa pagpapaaral at pamumuhay.
Dapat bang hayaan ng pamahalaan ang NHMFC kasama ang kanilang kakutsabang Balikatan na ilitin lahat ng bahay?
Habang napakarami ng nawawalan ng hanapbuhay at kita ay heto ngayon at iniuumang na naman ng Balikatan at NHMFC ang pag-foreclose ng mga bahay na pinaghirapan na maisaayos ng mga nangungutang. Napakalupit talaga!
Tumatawag kami sa mga Senador at Kongresista, mga Mayor at Gobernador, at sa Presidente Arroyo na imbistigahan ang NHMFC at Balikatan kung paano dumating sa ganitong sitwasyon ang programa ng gobyerno sa pabahay.
May kasamang panlilinlang na naging bunsod sa kawalan ng kakayahan na makabayad ang mga tao at pinabagsik pa ang pagyurak sa kanilang karapatan sa pamamagitan ng pang-iilit na ginagawa.
Pagbayarin ang mga gumawa ng malawakang pagsasamantala laban sa mga dukha.
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