PRESS RELEASE
November 24, 2010
Thousands of Filipinos are facing eviction from their homes by the BALIKATAN HOUSING, even as thousands more are threatened with eviction in the coming months with the lapse of government set cut-off deadline for settlement of arrears in mortgage payments low-cost housing and relocation/resettlement programs.
In a press conference called by KOALISYON PABAHAY NG PILIPINAS (KPP), homeowners affected by evictions brought to the public’s attention not only their plight but the fate of thousands of homeowners who entered government’s housing programs be it low-cost/ socialized housing program or its relocation/resettlement programs.
The Implementing Rules and Regulations of a law passed in 2008—RA 9507, covering low-cost housing and even relocation and resettlement programs, pertaining to condonation and restructuring of loans and mortgages, set a cut-off deadline of September 26, 2010 for the settlement of all arrears. Homeowners have since received “final foreclosure” notices and notices of “extra judicial resolutions” to auction off their houses.
According to Charito Anunciacion, president of KPP, “the impact of such a policy and deadline will be massive with the implementation of this law. About 70% to 80% of homeowners in low-cost housing programs are in default. But it is even higher in resettlement areas of government, about 80% to 90% are in default.”
Anunciacion added that the homes of the evicted families will suffer the same fate as those houses that fell into programs such as that of BALIKATAN HOUSING, after government repossessed and auctioned them off to foreign investors. Homeowners of Balikatan Housing are among those immediately facing eviction as they, even now, face down sheriffs throwing them out of their homes.
In 2004, Deutsche Bank won the bid to buy the 55,000 UHLP accounts from National Home Mortgage Finance Corporation at Php 13.4 Billion. As part of the agreement of the sale Deutsche Bank was given 51% of the share whereas the partner, National Home Mortgage Finance Corporation was given 49 % share. A joint venture with Asian Development Bank and World Bank, known as Balikatan Housing, to manage the accounts was forged in compliance with the requirement of the law on special purpose asset vehicle. Balikatan Housing designated Bahay Financial Services (BFS) as its collecting agency.
Bahay Financial Services (BFS), since its assignation, imposed unreasonable terms to the low cost homeowners. Case in fact are 5,000 KPP coalition members under the BFS account in San Jose del Monte, Bulacan, Camarin in Caloocan and Kapayapaanville, Canlubang in Laguna. Anunciacion said, “Everyday these homeowners live in mortal dread of losing their homes with no visible hope for remedy or alternate shelter.”
Anunciacion argues, “Government’s low-cost housing programs are supposed to have been created for low-income earners. But BFS with its prohibitive terms of payment have not only made it impossible for them to meet regular amortization payments, much less pay off the entire loan. Because of these terms and rates we have documented many cases where homeowners have amortized as much as three times the original price of their housing loans but continue to amortize because the total value of their mortgages had compounded several times over. Similar cases are reported happening in other areas. Today thousands face imminent eviction because of a law that mirrors similar terms of payments for settling arrears and loan payments.”
KPP will actively take action along with thousands of threatened homeowners nationwide to defend and assert their rights to their homes and prevent further forcible evictions.
Anunciacion said, “PNoy is very quick to guarantee protection of foreign investors, but what about guarantees for the protection of our right to housing, or doesn’t being a Filipino citizen mean anything to this new government?”
November 24, 2010
PNOY GUARANTEES PROTECTION TO FOREIGN INVESTORS AS
THOUSANDS OF FILIPINOS STAND TO LOSE THEIR HOMES TO FOREIGN INVESTORS
THOUSANDS OF FILIPINOS STAND TO LOSE THEIR HOMES TO FOREIGN INVESTORS
Thousands of Filipinos are facing eviction from their homes by the BALIKATAN HOUSING, even as thousands more are threatened with eviction in the coming months with the lapse of government set cut-off deadline for settlement of arrears in mortgage payments low-cost housing and relocation/resettlement programs.
In a press conference called by KOALISYON PABAHAY NG PILIPINAS (KPP), homeowners affected by evictions brought to the public’s attention not only their plight but the fate of thousands of homeowners who entered government’s housing programs be it low-cost/ socialized housing program or its relocation/resettlement programs.
The Implementing Rules and Regulations of a law passed in 2008—RA 9507, covering low-cost housing and even relocation and resettlement programs, pertaining to condonation and restructuring of loans and mortgages, set a cut-off deadline of September 26, 2010 for the settlement of all arrears. Homeowners have since received “final foreclosure” notices and notices of “extra judicial resolutions” to auction off their houses.
According to Charito Anunciacion, president of KPP, “the impact of such a policy and deadline will be massive with the implementation of this law. About 70% to 80% of homeowners in low-cost housing programs are in default. But it is even higher in resettlement areas of government, about 80% to 90% are in default.”
Anunciacion added that the homes of the evicted families will suffer the same fate as those houses that fell into programs such as that of BALIKATAN HOUSING, after government repossessed and auctioned them off to foreign investors. Homeowners of Balikatan Housing are among those immediately facing eviction as they, even now, face down sheriffs throwing them out of their homes.
In 2004, Deutsche Bank won the bid to buy the 55,000 UHLP accounts from National Home Mortgage Finance Corporation at Php 13.4 Billion. As part of the agreement of the sale Deutsche Bank was given 51% of the share whereas the partner, National Home Mortgage Finance Corporation was given 49 % share. A joint venture with Asian Development Bank and World Bank, known as Balikatan Housing, to manage the accounts was forged in compliance with the requirement of the law on special purpose asset vehicle. Balikatan Housing designated Bahay Financial Services (BFS) as its collecting agency.
Bahay Financial Services (BFS), since its assignation, imposed unreasonable terms to the low cost homeowners. Case in fact are 5,000 KPP coalition members under the BFS account in San Jose del Monte, Bulacan, Camarin in Caloocan and Kapayapaanville, Canlubang in Laguna. Anunciacion said, “Everyday these homeowners live in mortal dread of losing their homes with no visible hope for remedy or alternate shelter.”
Anunciacion argues, “Government’s low-cost housing programs are supposed to have been created for low-income earners. But BFS with its prohibitive terms of payment have not only made it impossible for them to meet regular amortization payments, much less pay off the entire loan. Because of these terms and rates we have documented many cases where homeowners have amortized as much as three times the original price of their housing loans but continue to amortize because the total value of their mortgages had compounded several times over. Similar cases are reported happening in other areas. Today thousands face imminent eviction because of a law that mirrors similar terms of payments for settling arrears and loan payments.”
KPP will actively take action along with thousands of threatened homeowners nationwide to defend and assert their rights to their homes and prevent further forcible evictions.
Anunciacion said, “PNoy is very quick to guarantee protection of foreign investors, but what about guarantees for the protection of our right to housing, or doesn’t being a Filipino citizen mean anything to this new government?”
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