Wednesday, May 14, 2008 Nograles questions sale of low-cost houses By Carlo P. Mallo
THE National Home Mortgage Finance Corp. (NHMFC) defended the sale of thousands of low cost housing units in Davao City to Balikatan Housing Financial Inc., saying the units sold were very much delinquent in payment.
"Most of the houses that were sold were already 36 months delinquent in payment," Jose Macuto, division head for Mindanao of government-owned-and-controlled corporation.
But House Speaker Prospero Nograles has called for an investigation on the sale after numerous people sought his help on the matter.
"It is against the social policy of the government... socialized housing was meant to build more houses, not to embargo more," Nograles said.
Macuto insisted that the properties sold to Balikatan were "perfectly legal,"
He explained that they sold the properties with delinquent payment as the three government funding institutions that have extended loans to NHMFC were already seeking the payment of the said loans.
"We borrowed from Pag-Ibig, SSS, and GSIS to fund the housing loans, but the repayment of those who loaned was very slow,' Macuto added.
According to Macuto, the three government funding institutions were already starting to pressure the NHMFC into repaying its loan.
"We had to sell the delinquent properties to Balikatan when it offered in 2002," Macuto said.
Macuto identified the areas of El Rio, Rosalina, Kadayawan, and Country Homes as the areas where the bulk of the low cost houses were sold to Balikatan Housing Financial Inc.
The sale of the delinquent properties was only formally done in 2005.
