Nograles seeks probe of housing foreclosures

MANILA, Philippines – Speaker Prospero Nograles ordered the housing committee of the House of Representatives yesterday to look into thousands of housing loan mortgage foreclosures.

Nograles has learned that the Balikatan Housing Financial Inc., a subsidiary of the state-owned National Home Mortgage Finance Corp. (NHMFC), is foreclosing mortgages on at least 52,000 low-cost housing units.

“This is a total reverse of government housing policy,” he said.

“We should instead restructure and condone penalties and surcharges, and not eject housing beneficiaries.”

Nograles said it is ironic that Balikatan Housing would be foreclosing socialized housing mortgages when its mandate is to “infuse liquidity” into the low income housing sector. – Jess Diaz