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  1. Join Date
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    #31
    Those loans are collateralized so that government is always protected in the event of default, unless they are behest loans in which case lugi talaga.

  2. Join Date
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    #32
    Quote Originally Posted by tabularasa View Post
    Those loans are collateralized so that government is always protected in the event of default, unless they are behest loans in which case lugi talaga.
    Sub-prime?

  3. Join Date
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    #33
    collateralized? people who dont even have their own homes???? what are they using as collateral? saliva?

  4. Join Date
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    #34
    the homes are the collateral

    the govt finance companies can foreclose the homes and sell them to other people

    but still, finance companies would still prefer borrowers to pay their loans rather than end up in foreclosure
    Last edited by uls; March 5th, 2010 at 12:05 PM.

  5. Join Date
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    #35
    Quote Originally Posted by uls View Post
    the homes are the collateral

    the govt finance companies can foreclose the homes and sell them to other people

    but still, finance companies would still prefer borrowers to pay their loans rather than end up in foreclosure
    Ah i see....So the issue is that Villar is somehow forcing a sale and letting the government take the risk if the property will be foreclosed

  6. Join Date
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    #36
    Quote Originally Posted by badsekktor View Post
    Ah i see....So the issue is that Villar is somehow forcing a sale and letting the government take the risk if the property will be foreclosed
    There is no forced sale because it is the ordinary folks that would transact with the government regarding the property bought from Villar's real property. Parang bridge financing lang yan, once an ordinary Juan buys a low cost housing, he applies for pag-ibig loan and pag-ibig pays villar for the price of the lot and house and Juan now pays to Pag-ibig. In the event of default, pag-ibig forecloses the house and lot.

  7. Join Date
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    #37
    Quote Originally Posted by tabularasa View Post
    There is no forced sale because it is the ordinary folks that would transact with the government regarding the property bought from Villar's real property. Parang bridge financing lang yan, once an ordinary Juan buys a low cost housing, he applies for pag-ibig loan and pag-ibig pays villar for the price of the lot and house and Juan now pays to Pag-ibig. In the event of default, pag-ibig forecloses the house and lot.
    And who does the due diligence whether poor Juan can pay up?

  8. Join Date
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    #38
    Ah i see....So the issue is that Villar is somehow forcing a sale and letting the government take the risk if the property will be foreclosed
    di naman ganun

    Villar's low-cost housing companies benefitted greatly from govt financing programs for low income home buyers

    dami bumili ng bahay na gawa ng Palmera, Camella with loans from Pag-IBIG, NHMFC
    Last edited by uls; March 5th, 2010 at 04:23 PM.

  9. Join Date
    Jun 2008
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    478
    #39
    Sorting through criminal billions

    Is Villar Hiding From His Crimes?
    By FRANK WENCESLAO
    Frank Wenceslao is president of LA-based Philippine Anticorruption Movement USA, Inc. (Pamusa) authorized by the U.S. Department of Justice to work with and submit evidence of corruption against current and former Philippine public officials and people that have colluded with them in conjunction with the UN Convention Against Corruption (UNCAC).

    Many overseas Filipinos are asking if Sen. and Mrs. Manuel Villar (nee Cong. Cynthia Villar) and close associates arenít guilty of some crimes in their rush to build up a real estate development empire and incredible personal net worth of P46 billion ($940 million) at the end of 2008 after 16 years when the couple were members of Congress?[SIZE=3] [/SIZE]
    [SIZE=3]An important aspect of crime investigation is modus operandi. Itís evident that Villarís MO in several housing projects is to acquire and develop raw lands where DPWH plans a road project or can be realigned to traverse. Heís used his positions as House Speaker, then Senate President to use his pork barrel funds or make budget insertions to hasten road construction, inflate the propertyís collateral value and borrow housing development funds from government lending institutions.[/SIZE]
    Up to now Villar maintains heís from a poor Tondo family. Using as baseline his 1992 statement of assets, liabilities and net worth when first elected to Congress his said net worth even under the most favorable conditions is beyond the realm of statistical probability.
    Thatís why overseas Filipinos through emails to me suspect Villarís candidacy is to make the presidency a ďsafe harborĒ to escape prosecution. To this end heíd buy the office with his ill-gotten wealth. Consider that Villarís campaign spending is as though moneyís getting out of fashion like the wartime notes issued by the Japanese during WW II.
    Although Pamusa isnít allowed to get involved in partisan politics, we can investigate Villarís wrongdoings in furtherance of our anticorruption efforts. We will run an information campaign in March through April up to election to ask the following questions, to wit:
    Villar claims to have come from a poor family, howís he able to amass billions of pesos of personal net worth?
    Whatís Villar defense to former Senate President Franklin Drilonís charge that Villarís company, Crown Communities Iloilo, bought 12.7 hectares in Jibao-an, Pavia , Iloilo from farmer CARP beneficiaries and converted this first-class irrigated rice land into a residential enclave, Savannah Subdivision?
    Under the law itís illegal to convert first-class irrigated agricultural land into a subdivision exactly what Villar did in developing the Savannah Subdivision. Hence, Drilonís charged Villar of the crime based on tax declarations and other documents obtained from the Iloilo provincial government.
    How come Villar only obtained the Department of Agrarian Reformís approval to convert the agriculture land into a residential area in 2007 seven years after construction of the subdivision started in 2000? Hence, multiple counts of criminal acts were committed for five years before the conversion was approved. DAR shouldíve filed court action against Villar and other officers of the company owning Savannah Subdivision unless, of course, he had fixed it.
    Drilon added that Villar used P4 million of his pork barrel funds to build a 585-meter national road that led right into the entrance of Savannah . ďThis is the only public works project of Villar in the province,Ē said Drilon at the Iloilo press conference.
    Drilon said that Villar, not content with the 12-hectare Savannah property, bought the adjoining rice lands almost surely covered by CARP and expanded the residential community to a total of 250 hectares. The farmers had no choice but to sell their property, said Drilon, because their irrigation supply had been cut off with Villarís conversion of the Savannah property which was the primary source of water in the area.
    Villarís workers back-filled the canals to classify them as non-serviceable, another crime, with the value of Villarís Pavia property in Iloilo shooting up to P3,500.00 per square meter from less than P150.00 per square meter.
    The destruction of Iloilo irrigation canals whose costs should be charged to Villar the same way the Senate is asking him to reimburse the government of close to P7 billion for the feasibility studies, engineering design and plans, and other preparatory work wasted when Villarís pressured DPWH officials to change the C-5 road extension alignment to ďsnakeĒ through and provide ingress and egress for 23 Villar-owned or controlled housing subdivisions.
    Drilon said that the access road to Iloilo ís Savannah Subdivision was paid with Villarís pork barrel and is jokingly called C-5 and a half. Regardless if itís only half a kilometer, it shows the lack of decency on Villarís part to set aside the interest of CARP beneficiaries to be able to pursue his profit motives.
    This is a sample of Villarís social conscience heíd bring to the presidency, which all decent Filipinos should stop by all means.
    The C-5 controversy is a tip of the iceberg. As objective people dig deeper theyíll see Villarís MO similar to Mafiaís criminal enterprise has also been perpetrated in other subdivisions owned or controlled by Villarís group of companies.
    Another example of Villarís criminal MO involved a property bought by Northwinds Prime Properties Inc. (a Villar company) for over P120 million from Sta. Lucia Realty and Development Corp. then mortgaged to Capitol Development Bank (a Villar-owned thrift bank) under the name of ADR Farms in the amount of P150 million (Northwinds making P30M profit) on July 4, 1996. The property was used as collateral for a P1.5 billion emergency loan from Bangko Sentral ng Pilipinas (BSP) and eventually sold to RCBC Savings Bank by Capitol Bank and finally bought back by Palmera Homes Inc. (another Villar company) for development.
    This is clearly a criminal act of Capitolís officers led by Mrs. Villar that involved the BSP accepting an over-valued collateral more than ten times its acquisition price in a highly questionable private business transaction whose benefits solely accrued to Villarís owned Capitol Bank, Palmera Homes Inc. and, of course, himself.
    As usual, Villar dismissed the charges the same way he did the Senate Committee Report No. 780 on the C-5 road extension scandal which, according to Senate President Juan Ponce Enrile, a Harvard-trained lawyer, presents a strong case against Villar and if the issue was brought to court and handled by a good prosecutor, the presidential aspirant ďwill end up in jail.Ē
    Filipinos supporting Villar should ask themselves if he wonít be worse than Marcos or GMA if, God forbid, heís elected President of the Philippines .
    For comments fcwenceslao1034* gmail.com.
    *Frank Wenceslao is president of LA-based Philippine Anticorruption Movement USA, Inc. (Pamusa) authorized by the U.S. Department of Justice to work with and submit evidence of corruption against current and former Philippine public officials and people that have colluded with them in conjunction with the UN Convention Against Corruption (UNCAC).

  10. Join Date
    Sep 2003
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    24,848
    #40
    Quote Originally Posted by uls View Post
    di naman ganun

    Villar's low-cost housing companies benefitted greatly from govt financing programs for low income home buyers

    dami bumili ng bahay na gawa ng Palmera, Camella with loans from Pag-IBIG, NHMFC
    Who determines the valuation of Villar's low-cost housing?
    Last edited by Monseratto; March 5th, 2010 at 05:20 PM.

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