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PIA Press Release
2008/11/11

Davao homeowners cry violations of rights to shelter by Balikatan-NHMFC

Davao City (11 November) -- The National Home Mortgage Finance Corporation (NHMFC) is now claiming that President Arroyo herself has approved the sale of so-called Non-Performing Loans (NPLs) to Balikatan Housing Finance Inc. (BHFI) to divert the truth and attention from the housing czar and Vice-President Noli de Castro.

The Davao City Federation of Homeowners Associations (DCFHA) issued the statement Monday as it filed its joint replies together with Councilor Danilo Dayanghirang and lawyer Alberto Yap to the Office of the Ombudsman calling the diversion as a smokescreen of their corporate maneuvering to overprice and to defraud the members/borrowers of their right of legal redemption.

"In doing so, they have committed the crime of economic sabotage and massive human rights violations - our right to shelter, the join statement added.

Is this a state-sponsored terrorism?, the homeowners asked.

The DFHA bared that the record shows that before selling the accounts of the borrowers to Balikatan, NHMFC had allegedly sold the NPLs to Deutsch Bank Real Estate Global Organization (DBREGO), a foreign bank, for the sum of P5.12 billion.

The homeowners added that the market or appraised value of the various subdivision projects covered by the sale, inclusive of improvements thereon is estimated to be P100 billion. It said BHFI is not collecting based on the transfer price of P5.12-B but based on the said appraised value. Evidently, the mark-up is P94.88 billion.

The statement said that "the true nature of the transaction between NHMFC and DBREGO is not a sale but a loan, a liability. Thus, in order for NHMFC to pay the loan and to make unconscionable profits is for BHFI to collect, cartelize, overprice the NPLs, threatening foreclcosure, actually foreclosing and threatening eviction. Clearly BHFI is being used as a vehicle and as a cover to defraud and to deprive the borrowers of their right of legal and equitable redemption under Article 1634 of the Civil Code, which is based on the said transfer price plus the legal interest until redeemed less any payment made. Hence, to determine the transfer price: 5.12% (P5.12-B divide by P100-B) multiply the amount in the original loan document or the prices demanded by BHFI, whichever is lower.

The joint replies was sent to the Ombudsman last Friday and was signed by lawyer Alberto Yap, Councilor Danilo Dayanghirang and homeowners federation president Richy Nalagon concluded that Balikataan and NHMFC are "violating with impunity, our sacred Constitutional right to life (good life and quality living, a life of dignity, a decent standard of living, and a decent and affordable house, liberty (right to choose where and how to live to freedom of movement), and security (economic, privacy, and sanctity of home, forced eviction, cruel and unjust punishment, equal protection of the law, safe and healthy environment, and to a normal family life) were violated. And the threats of further violation thereof is actual, since BHFI continues with their fraudulent business practices and manipulations, or selling by the billions the government guaranteed (HIGC) NPLs to the banks, BDO and PSB, as gathered from the internet. (PIA XI/PR-DFHA) [top]

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