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The House leadership recently assured the public that they would
press on with its investigation on the foreclosures of some 52,000
low-cost and socialized housing units when Congress resumes session
on July 28.
This was assured after House Speaker Prospero
Nograles received information that the special purpose company that
bought delinquent loans reneged on its commitment to give
beneficiaries a better deal so they could keep their homes.
Nograles said the House Committee on Housing was
ready to wrap up its investigation on the massive foreclosures after
the Balikatan Housing Finance Inc. promised that it would only
foreclose homes as a last resort, and that it would restructure the
housing loans to allow those concerned to pay their obligations
under easier payment terms.
Balikatan is the special purpose company that
took over the delinquent accounts of mass housing beneficiaries.
As it turned out, however, the Balikatan was
only trying to lead the House into believing that the housing
beneficiaries were already safe from being ejected from their homes.
This conclusion came after Nograles, through his
son and chief-of-staff Atty. Karlo Nograles, discovered that
Balikatan was demanding exorbitant down payment rates as a
prerequisite for loan restructuring.
“This is totally unacceptable. The basic
concept of loan restructuring is to give the housing beneficiaries a
better deal so that they can keep their homes. Imposing impossible
rates is almost like foreclosure too,” Nograles said.
Balikatan actually agreed to stop the
foreclosure of some 50,000 out of 52,000 delinquent accounts, which
it purchased from the National Home Mortgage and Finance Corp. at
discounted rates.
“[But] asking for a 25-percent down payment is
a glaring contradiction to the intent of the government’s low cost
mass housing program,” Nograles said.
The Speaker is also the author of House
Resolution 604, which prompts a House inquiry into the reported
“massive foreclosures” of low cost housing units.
-- Sammy Martin
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