Premium Essay

Nhmfc

In:

Submitted By shanllie
Words 1438
Pages 6
HISTORY

The National Home Mortgage Finance Corporation was created in 1977 by virtue of Presidential Decree 1267, with the mandate of increasing the availability of affordable housing loans to finance the Filipino homebuyer acquisition of housing units through the development and operation of a secondary market for home mortgages. Consistent with this mandate NHMFC bought mortgages originated by private financial institutions, and eventually sold them back to the public through the issuance of mortgage backed financial instruments.

However, the financial crisis which hit the country in 1984 up to the early part of 1986 caused the collapse of a relatively successful home-financing program of the government. Since a sizeable portion of NHMFC funds came from the financial market, in addition to funds coming from contributions of PAG-IBIG members, the 30% to 40% interest rates in the financial market made it impossible for NHMFC (whose lending rate was pegged at 9%) to operate viably.

With the assumption into office of the Aquino Administration in 1986, there was already a felt need to reorganize the government housing agencies and define their new mandates. Executive Order No. 90 on December 17, 1986, gave fresh mandates to the five housing agencies, NHMFC included. As the major government home mortgage institution, NHMFC was tasked to operate a viable home mortgage market, utilizing long-term funds principally provided by the Social Security System (SSS), the Government Services Insurance System (GSIS), and the Home Development Mutual Fund (HDMF), to purchase mortgages originated by both private and public institutions that are within government-approved guidelines. It was also charged with the development of a system that will attract private institutional funds into long-term housing mortgages.

In view of the above, NHMFC

Similar Documents

Free Essay

Saghxfdh

...NHMFC DIRECTORY 1st to 5th Floor Filomena Bldg. 104, Amorsolo St., Legaspi Village, Makati City NHMFC Trunkline: 893-15891, 893-1582 OFFICE EMAIL ADD/CONTACT NO. OFFICE OF THE PRESIDENT DR. FELIXBERTO U. BUSTOS, JR.- President fubustos@nhmfc.gov.ph ATTY. MARIA CHRISTINA L. LAIG- Corporate Executive Officer II mclaig@nhmfc.gov.ph Tel. # 812-6577, Telefax 892-5146 AIREEN B. OGRIMEN- Corporate Executive Officer I aogrimen@nhmfc.gov.ph Tel. # 812-6577, Telefax 892-5146 Risk Management Department (Functional Structure) PAZ DIVINA A. CABALLERO pdcaballero@nhmfc.gov.ph Officer In-Charge Loc. 390 Public Assistance & Information Office ICONN MEL D. CAYABYAB Officer In-Charge iconncayabyab@gmail.com Tel. # 892-5243 Corporate Planning Division JAENA V. MALLARI Officer In-Charge jmallari@nhmfc.gov.ph Tel. # 893-0157 Strategic Relations Management Department Financial Institution Division MA. CECILIA PURIFICACION Officer In-Charge mpurificacion@nhmfc.gov.ph Loc. 284 Developers Division RODEL LEOCARIO Officer In-Charge rleocario@nhmfc.gov.ph Loc. 284 Internal Audit Department EDITHA O. STA. INES Officer In-Charge OFFICE OF THE CORPORATE SECRETARY ATTY. SIEGFRID ERIC G. LAPASARAN- Vice President atty.sieg@gmail.com Tel. # 892-4550 ATTY. DANTE M. PATAPAT- Attorney V dan.nhmfc@gmail.com Tel. # 892-5152 AIREEN B. OGRIMEN- Corporate Executive Officer I aogrimen@nhmfc.gov.ph Tel. # 812-6577, Telefax 892-5146 estaines@nhmfc.gov...

Words: 987 - Pages: 4

Free Essay

Government Agencies

...HOUSING AND LAND USE REGULATORY BOARD VISION An institution of professionals exemplifying public service with responsibility, integrity, competence and justice geared towards the attainment of well-planned and sustainable communities through the regulation of land use, housing development and homeowners associations, and the just resolution of disputes.. MISSION To promulgate and enforce policies on land use, housing and homeowners associations which promote inclusive growth and economic advancement, social justice and environmental protection for the equitable distribution and enjoyment of development benefits. MANDATES: 1. PLANNING : (EO 648; EO 72; RA 7279)  Formulation of Comprehensive Land Use Planning Guidelines  Technical assistance to LGU’s in CLUP preparation and to members of Provincial Land Use Committee (PLUC) and Regional Land Use Committee (RLUC) in CLUP review.  Review and approval of CLUPs for Highly Urbanized Cities (HUCs), Independent Component Cities (ICCs), Metro Manila cities and Provincial Physical Framework Plans (PPFPs).  Install an information system to monitor changes in the actual use of land resources and the implementation of CLUPs by LGUs.  Update and revise the National Urban Development and Housing Framework.  Train LGUs in subdivision plan approval and zoning enforcement. 2. REGULATION: (EO 648; EO 90; EO 71; EO 72; PD 957, 1216, 1344; BP 220; RA 7899; RA 9904; RA8763 (Sec.26));  Register and license subdivision and condominium projects...

Words: 1588 - Pages: 7

Premium Essay

Bitter Gourd

...History 1900 | Act No. 52 was passed by the First Philippine Commission placing all banks under the Bureau of Treasury. The Insular Treasurer was authorized to supervise and examine banks and banking activities.  |   |   | February 1929 | The Bureau of Banking under the Department of Finance took over the task of banking supervision. |   |   | 1939 | A bill establishing a central bank was drafted by Secretary of Finance Manuel Roxas and approved by the Philippine Legislature. However, the bill was returned by the US government, without action, to the Commonwealth Government. |   |   | 1946 | A joint Philippine-American Finance Commission was created to study the Philippine currency and banking system. The Commission recommended the reform of the monetary system, the formation of a central bank and the regulation of money and credit.The charter of the Central Bank of Guatemala was chosen as the model of the proposed central bank charter. |   |   | August 1947 | A Central Bank Council was formed to review the Commission’s report and prepare the necessary legislation for implementation. |   |   | February 1948  | President Manuel Roxas submitted to Congress a bill “Establishing the Central Bank of the Philippines, defining its powers in the administration of the monetary and banking system, amending pertinent provisions of the Administrative Code with respect to the currency and the Bureau of Banking, and for other purposes. |   |   | 15 June 1948 | The...

Words: 2270 - Pages: 10

Premium Essay

House

...Improve housing finance access for poor – study May 28, 2015 9:15 pm by VOLTAIRE PALAÑA REPORTER * * * A POLICY paper by the Philippine Institute for Development Studies (PIDS) is calling for the creation of a more favorable environment for housing finance in the country, as well as the adoption of appropriate policies and mechanisms to correct housing market dysfunctions. One of the underlying issues with housing policies in the Philippines, for instance, is the traditional perception that a housing finance system is based primarily on the provision of government subsidies, resulting in a highly-segmented and unsustainable program that does not benefit those who deserve it most. PIDS senior research fellow Dr. Marife Ballesteros noted in her latest study on urban housing subsidies that, despite policy changes through the years, the public sector housing program still does not address the problems on scale. Ballesteros explained that subsidies for housing programs, whether through upfront grants, government direct funding, low interest mortgages, tax exemptions or underpriced risk insurance, could have been put into more efficient use by the government. “Overall, direct subsidy to the low-income housing sector has been limited,” said Ballesteros, adding that in an effort to reduce losses from financial transactions, government has further restricted financing to the low-income sector through lower exposure of funders and the higher loan ceilings on socialized...

Words: 2914 - Pages: 12

Premium Essay

Strama Paper on Nha

...EXECUTIVE SUMMARY The real estate industry consists of a collection of industrial and services sectors of the economy such as construction, brokerage services, mortgage banking, property management and even architecture and design. The real estate industry deemed ...

Words: 56294 - Pages: 226