Thursday, 28 October 2010 00:00 [ manilatimes.net ]
The Home Development Mutual Fund (Pag-IBIG Fund) has blacklisted a sister company of Globe Asiatique Realty Holdings (GA) for allegedly failing to buy back housing loan accounts that are already in default. In a statement, Pag-IBIG said it has barred Filmal Realty Corp. from participating in any of its lending programs after the property firm failed to buy back accounts that have defaulted—a condition imposed by the fund on accredited developers.
Filmal Realty is headed by Delfin Lee, president of GA, which has been removed from Pag-IBIG’s list of accredited developers earlier.
The fund said Filmal’s total defaulted accounts stand at 122 worth P886.4 million while GA’s defaulted account, which it was not able to buy back, have reached 1,753 worth P1.2 billion.
Aside from its failure to address the accounts in default, Filmal Realty also did not convert contract of sale accounts to real estate mortgage within the prescribed period.
The conversion was supposed to transfer the title in the name of the member-borrower and annotate the borrower’s loan on the title.
On top of that, Filmal also failed to remit on time the monthly installments paid by Pag-IBIG members, which violates its Collection Servicing Agreement with the fund. Filmal Realty was supposed to turn over collections every Monday but it neglected to remit members’ payments for five weeks starting July 26.
The company, however, was able to settle its delayed remittances last August 27, Pag-IBIG said.
Previously, Filmal Realty had been remitting an average of P2.6 million every month to Pag-IBIG. A total of 1,538 housing loan accounts were taken out for members who purchased house-and-lot packages in the company’s St. Monique Valais housing project in Barangay Pantok, Binangonan, Rizal.
KATRINA MENNEN A. VALDEZ
____________________________________________________________
