Thursday, November 06, 2008 Homeowners vow to sue Balikatan By Grace L. Plata
THE revitalized Davao City Federation of Homeowners Associations (DCFHA) is bent on pursuing the case against Balikatan Housing Financial Inc. for its increased mortgage rates on low-cost housing and foreclosure activities.
The group, whose new set officers were inducted by Vice Mayor Sara Z. Duterte last Tuesday, will be submitting additional documents to the Ombudsman hoping to further the case.
The federation is composed of 120 presidents of homeowners associations in Davao City whose members own about 9,000 housing units that have been transferred to Balikatan.
In a press conference at the City Council Building on Wednesday, DCFHA President Richy Nalagon revealed that Balikatan Housing Finance Inc., (BHFI) and the National Home Mortgage Finance (NHMFC) will gain an incredible mark-up of P94.88 billion as a result of what they called "corporate maneuvering to overprice and defraud the members/borrowers of their rights of legal redemption."
This is based on the study conducted by CPA-lawyer Alberto Yap, the group's counsel.
The study also showed that before transferring the alleged NPLs (Non-Performing Loans) to BHFI, NHMFC had allegedly sold the NPLs to Deutsche Bank Real Estate Global Organization (DBREGO) for the sum of P5.12 billion.
The study revealed that NHMFC now manages and controls BHFI with 49 percent and DBREGO with 51 percent equity, which also defies earlier statement by NHMFC that BHFI is a different entity. The NHMFC and BHFI are one and the same entity, the study said.
Based on records, the market or appraised value of the various subdivision projects covered by the sale, inclusive of improvements is estimated to be P100 billion.
Thus, BHFI is not collecting based on the transfer price of P5.12 billion but based on the appraised value with a mark-up of P94.88 billion.
The group, with the support of Councilor Danilo Dayanghirang, said it will fight for its right to decent and affordable housing, and demanded for the truth behind the Balikatan-NHMFC partnership.
