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News Top Stories VP De Castro welcomes probe of housing issue
News Top Stories VP De Castro welcomes probe of housing issue
| VP De Castro welcomes probe of housing issue |
| Tuesday, 20 May 2008 22:08 | ||||||
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"There's no problem if they will probe the selling," de Castro, who is also chair of the Housing and Urban Development Coordinating Council (HUDCC), told Davao reporters on Friday. De Castro was in Davao City as guest speaker of the Housing Summit held at the Philippine Women's College. He also graced the inauguration of a condominium project developed by the DMC Urban Property Developers Inc. and the groundbreaking of a condominium project by Filinvest Land Developers Inc., both located beside SM City Davao. The new housing problem emerged after a number of homeowners voiced their complaint at the hearing of the Congress Committee on Housing last Thursday that BHFI has taken over their accounts from the NHMFC. Homeowners who have been affected complained that they were not informed of the takeover and that the time given them to pay their arrears was too short. Homeowners were only given three months to pay the full amount of their arrears. If they are unable to do so, BHFI can resell their houses. While the homeowners can apply for reappraisal, they said the reappraised amount is usually 300 percent higher than the original amount. Lawmakers said NHFMC's sale of housing loan liabilities to Deutsche Bank is presumed to be a "takeover" of NHMFC. In May 2004, following a competitive auction, DB Real Estate Global Opportunities (DBGO) signed a loan sale purchase agreement with NHMFC. DBGO, a 360-million dollar fund invests globally in real estate and real estate-related assets, is managed by DB Real Estate, the real estate asset management arm of Deutsche Bank AG. Managing more than 56 billion dollars, DB Real Estate is the world's largest real estate fund manager based on assets under management. De Castro said the Balikatan issue has become a private matter since it is DBGO that will now collect payment from delinquent NHMFC takers. De Castro said the government has no hold over Balikatan, which is under Deutche Bank, because it is private entity. He also said the homeowners have been given many chances by the government to pay their obligations but they refused to do so. Balikatan, however, is not supposed to be a purely private entity because when it was founded in 2005 it was a special purpose vehicle jointly owned by the Philippine government and Deutsche Bank to acquire non-performing loans from the portfolio of the government's NHMFC. In its website, NHMFC reported that it allocated P8.575 million in 2005 for its long term investment in BHFI, which it defined as the "account (that) represents NHMFC's equity as a joint venture partner in BHFI."
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