ZAMBOANGA CITY (MindaNews/27 January) – Vice President Jejomar Binay, who is also chair of the Housing and Urban Development Coordinating Council (HUDCC), announced that another government housing agency is extending a loan moratorium for its member-borrowers who were affected by tropical storm “Sendong.”
Binay, in an emailed statement Friday, said the National Home Mortgage Finance Corporation (NHMFC) will be extending a six-month moratorium on the monthly amortization of homeowners in the Northern Mindanao cities of Cagayan de Oro and Iligan.
The first government housing agency that granted a loan moratorium was the Home Development Mutual Fund (HDMF or Pag-IBIG Fund) to its members affected by the floods.
Aside from granting three-month moratorium, Pag-IBIG also continues to extend financial help to its members in Mindanao who were severely hit by Sendong through its Calamity Loan Program.
Binay said the NHMFC moratorium covers housing loan accounts under the now-defunct Unified Home Lending Program (UHLP) of the NHMFC.
UHLP accounts are those funded by the Government Service Insurance System (SSS), Social Security System (SSS) and the Pag-IBIG Fund.
Reports from the NHMFC’s satellite office indicated that 14 subdivisions, or roughly 2,305 of its account holders, were severely affected by tropical storm Sendong.
In Cagayan de Oro City, the affected subdivisions include Emily Home Subdivision, NHA Lourdeville Subdivision, Gold City Subdivision, Villa Nena Subdivision, Villa Angela Subdivision, Villa Candida Subdivision, Scions Executive Village, Villa Mar Subdivision, Virginia Homes, Virginia Village, PN Roa Subdivision, Vamenta State Subdivision and Gokingville Subdivision.
In Iligan City, Bahayan II to V were severely affected by Sendong.
The NHMFC is a Secondary Mortgage Institution (SMI) that securitizes residential home mortgages.
The NHMFC purchases housing loans receivables and the loans are turned into an asset pool for the eventual issuance of securities or bonds for sale in the capital market.
The loan receivables are sourced from developers, banking institutions, local government units (LGUs) and employers.
Binay approved a resolution granting to NHMFC President Felixberto Bustos Jr. continuing authority to grant a moratorium on the monthly amortization of accounts affected by natural calamities, subject to confirmation by the board of directors.
“This will allow NHMFC management to immediately act on similar situations,” Binay said.
The NHMFC moratorium for Sendong victims will run from January to June 2012 and the affected borrowers should file their application for moratorium not later than February 29, 2012.
The application should also be supported by a certification issued by the barangay chairman of the affected area.
Affected families and/or borrowers in the region are advised to coordinate with the NHMFC Cagayan de Oro satellite office or may call telephone nos. (088) 8573951 and 8574255 for more particulars. (MindaNews)