Thursday, September 09, 2010

More alleged scams in Globe Asiatique-Pag-IBIG housing loans

Through the office of the Vice President, Pag-IBIG authorities revealed that they already had started the blacklisting proceeding against the Globe Asiatique Realty based on the result of their investigations whether the company has violated one of the terms such as:

* Developers guarantee against ineligible or fraudulent borrowers, non-completion of projects and fraudulent transactions.
* Developers issue guarantees on loans against default within a period of two years.
* Developers also commit to buy back faulty accounts.
* Developers should not fail to remit collections (under their collection service agreement with the Fund).

The Officer in charge of the Pag-IBIG Fund stated in a television interview that Globe Asiatique has 1,600 questionable accounts in the two Xevera projects, noting that “Special Buyers” owned those accounts.

“Special Buyers” according to the loan documents are tricycle drivers, market vendors, students or anyone who filled-up Pag-IBIG member’s form along with the notarized affidavit of income in exchange of something (i.e money). These people are also called, “Ghost Borrowers“.

Two of the agents of the Globe Asiatique for the Xevera Subdivision in Pampanga told ABS-CBN News that they really recruited people to apply for Pag-IBIG loans even if they didn’t have the capacity to pay. These people received nothing as part of the loans they applied for, except for the money the agents paid them in as much as PhP5,000 in exchange of the application they made. One of the real estate agent revealed that…

All that she had to do was to look for applicants that can produce identification cards, birth certificate and billing notices. If their prospective applicants do not have these documents, Maria was told it will be Globe Asiatique that will produce these papers, and they will later be called to sign.

As the result of this development against Globe Asiatique Realty Holdings Corp., the company has sought to withdraw its initial public offering and plan to list on the Philippine Stock Exchange, following the resignation of its lead manager and underwriter [1].

The Globe Asiatique, on the other hand, denies the allegations of fraud saying that all transaction with the Pag-IBIG are legitimate.

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