The Home Development Mutual Fund (Pag-IBIG Fund) on Tuesday disputed claims made by Delfin Lee of Globe Asiatique Realty Holdings Corporation (GA) that it was he who first reported the existence of “ghost” borrowers or buyers in his Pampanga projects to the Fund.
Lee admitted the existence of some 1,000 questionable buyers in his letter to the Fund dated May 27, 2010.
This letter, however, was in response to Pag-IBIG Pampanga Branch’s letter to Lee three days earlier which informed him of the results of its partial validation of the Pag-IBIG member-buyers in his Xevera projects.
Emma Faria, Pag-IBIG Fund officer-in-charge (OIC), also clarified that the 99.98 percent rating received by GA for the period ending July 2010 actually referred to the Performing Accounts Ratio (PAR) of the housing loan accounts in the Xevera projects.
By Lee’s own admission, GA was actually the one paying the amortizations even of those buyers who have not made a single payment since their loans were approved.
It is apparent that GA was paying even for the so-called “ghost” borrowers or buyers to show a high collection rate to avail himself of loans from the Fund. (PNA)