[ manilastandardtoday.com ] October 6, 2010
The Home Development Mutual Fund or Pag-IBIG Fund has asked homebuyers to instruct their banks to hold the payments of post-dated checks they have issued to Globe Asiatique Realty, Inc., which is accused of taking out housing loans in the name of fictitious borrowers.
Officer in charge Emma Linda Faria said Pag-IBIG fund terminated its collection servicing agreement with Globe Asiatic because of its failure to remit collections for 3 consecutive months.
Faria advised Pag-IBIG members who bought property from Globe Asiatic to remit their amortizations directly to Pag-IBIG offices or to transact with the Loans Management group at the HDMF central office at the Atrium of Makati.
Borrowers in Pampanga may transact with San Fernando Branch at the Suburbia Commercial Center in San Fernando City with their latest billing statement or latest Pag-IBIG receipts when paying their amortizations.
Pag-IBIG accused Globe Asiatique of cornering loans in behalf of about 9,000 buyers, many of whom were not even aware they had applied for the loans.
Pag-IBIG also suspended Globe Asiatic’s access to the housing loan express facility, cancelled its authority to conduct loan counseling, examined loan folders and conducted pre-inspections of housing units prior to release of loans.
Faria said that some of the agency’s officers did not abide by the credit processing procedures that could have prevented Globe Asiatique from taking out at least P6.6 billion in housing loans.
Globe Asiatic allegedly collected housing loan proceeds for buyers of its projects in Pampanga although the housing units were not complete, below standards, unoccupied, or closed.
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