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Fund’s real estate program
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Posted on Apr 19 2009
About two decades ago, the Fund got into the real estate program for targeted members. While the intent is noble it is, however, a discriminatory creature of the trustees. In other words, the real estate loan program must include all members!
This program was subsequently scrapped but it doesn’t change the fact that it has discriminated against other members. It’s simple to discern that if loans for this purpose originate from the money contributed by all members, obviously all must be able to avail of it. To do otherwise would be a perfect recipe for a single or class action lawsuit.
So what’s my beef as a member? It’s asinine for the Fund to engage in a housing program when its purpose is investment of Fund money. It adds to the cost of the operations of the Fund, catering specifically to a select group of retirees. Do you see where I am coming from?
As such, I want to know how much of the Fund’s money was spent on this discriminatory program. Information should include the number of retirees who benefited from it, the repayment plan, how much has been collected and if borrowers are up-to-date with their payments. It would be interesting to figure out the entire nine yards in a scheme where the Fund has decided to enter the housing program that is basically the role of banks and the Northern Marianas Housing Corp.
I definitely want trustees and management to get to the hierarchical roots of the Fund’s financial mess. Unless this is done forthwith with full disclosure of the entire nine yards, the Fund would simply be promoting confusion upon piles of confusion. Clarity of the issue is a must on this matter.
Now, let’s see the Fund explain to retirees and members the total sum used for its real estate program; the outset, including administrative costs and other expenses incurred for sliding into a venture that is best left solely to retirees and loaning institutions. I expect an explanation forthwith from both trustees and management. As a member, I deserve to know nothing less!
[B]John S. DelRosario Jr.[/B] [I]As Gonno, Saipan[/I]
