Tuesday, June 16, 2009

Sen. Chiz Escudero to hit VP Noli De Castro over Balikatan Housing Finance Inc.?

(Revised and updated)

Are two Presidentiables going to duke it out again in the Senate? Will Presidentiable Senator Chiz Escudero sling mud against fellow Presidentiable VP Noli de Castro at the Senate Blue Ribbon Committee?

Senator Escudero filed resolution 1094 asking the Senate Blue Ribbon Committee and the Senate Committee on Urban Planning, Housing and Resettlement to investigate the National Home Mortgage Finance Corporation's auction of 53,000 delinquent housing loans to Deutch Bank Real Estate Global Opportunities (GLOBAL) in 2004.

The NHMFC is part of the housing cluster under the Housing and Urban Development Coordinating Council (HUDCC) which is chaired by VP Noli De Castro. As HUDCC Chairman, VP de Castro is also the Chairman of the NHMFC.

Talk is that the innocuously worded resolution (which doesn't even mention that any wrong doing is involved) may actually just the silent opening salvo for a major bomb that will be hurled and exploded against Vice President Noli De Castro.

We're just coming from a situation where Senator Manny Villar's future as a Presidential candidate has been somewhat dimmed by the C-5 Double budget insertion controversy. Then we have Senator Panfilo Lacson facing the ghost of the Bubby Dacer slaying with the arrival of Former police Senior Superintendent Cesar Mancao from the US. Not to mention the MMFF fund misuse controversy levelled against MMDA Chairman Bayani Fernando and even the case filed against Senator Richard Gordon for holding the position of Chairman in the Philippine National Red Cross.

Going back to the NHMFC's auction of 53,000 delinquent to Global, there seems nothing irregular with the sale of delinquent housing loans itself.

The closest thing to an accusation against Vice President de Castro is that the resulting sale of the delinquent loans resulted in higher interest rates and "exorbitant" downpayment being charged to borrowers who are low and middle income earners.

The effect, as the resolution states, is that the borrowers of the delinquent housing loans are unable to pay for the loans. Their homes are eventually foreclosed and they are evicted.

As it is right now, it looks like Chiz Escudero wants to project himself as someone who is taking the cudgels for poor and almost poor home owners who are being evicted from their homes because they cannot pay usurous interest rates on their home mortgages.

Escudero will cast himself as the knight in shining armor and of course, in his version of the story, VP Noli aka Housing Czar will be cast as the Evil Land Baron.


This angle ain't at all that interesting but I think Annie Reyes and the rest of the Chiz cult will certainly make a big deal out of their idol's new role.

Anyway, I think De Castro is a ripe target for character assasination at this point.

De Castro is a frontrunning Presidential candidate, at least according to surveys. This is no wonder as De Castro one of the biggest advertising spenders and has been accused of using Pag-IBIG Fund money to bolster his presidential campaign.

According to a report from the Philippine Star de Castro, as Chairman of the Housing and Urban Development Coordinating Council and Pag-Ibig Fund, had ordered Pag-Ibig Fund Corp. to foot the payment of P45.8 million for TV advertisements showing him urging people to avail themselves of cheap housing loans.

Now wouldn't it be absolutely ghastly if apart from this disgusting misuse of Pag-IBIG Fund constributor's money, Kabayan finds himself being politically assasinated through allegations that he gave favors in exchange for a cut of whatever assets are recovered through the operation of the Balikatan Housing Finance Inc.?

It would also be ironic if AC/DC journalists came out of the wood works and began hounding him like heck.

Of course, he wouldn't exactly be a stranger to them.

Now, are we about to see Kabayan Noli De Castro fall victim to a major demolition job and see his chances of winning the Presidential elections make a final sign off?

Presidentiables vs. Presidentiables! Trapo vs. Trapo!

You know what this looks like? It's like watching Aliens Vs. Predators Part 2!


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carlos said...

good day.its a good thing sen. chiz filed that resolution in the senate.cong.nograles and valencia have filed the same last year and as far as i know nothing happens.many people were decieved by noli ang gma when they announced the signing of RA#9507,purposely to save hundreds of thousands of people from being homeless.in case pres.arroyo doesnt have an idea,maam,most delinquent account of all govt housing agencies were transferred to balikatan financial services,a private company kuno,so those loans are not covered ng ipinagmamalaki ninyong batas.

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