The Commonwealth Development Authority has seen its loan payment collections improve through an increase in the number of borrowers availing of the debt relief program.<\/p>\n
Loan manager Oscar Camacho said they now have 44 borrowers under the debt relief program, compared to last year\u2019s 34.<\/p>\n
But despite moving in 10 new clients to the program, Camacho noted that 10 clients are experiencing difficulty in updating their payments to CDA. <\/p>\n
\u201cWe are addressing these via conferences, consultations, workout plans, catch up plans, etc.,\u201d Camacho told Saipan Tribune via email.<\/p>\n
Camacho also noted that one client \u201ccompletely stopped\u201d making payments, which they are trying to address through foreclosure or the deed in lieu of foreclosure.<\/p>\n
Executive director Manuel A. Sablan described the increase in the number of clients under the debt relief program and the improvement in collections as \u201cmaking progress.\u201d<\/p>\n
\u201cThere\u2019s more delinquent borrowers that are availing themselves [of] this program. We can see that the collections have improved because some of these borrowers are never even making any payment for years. We restructure it and they\u2019re making payments now,\u201d Sablan said.<\/p>\n
According to him, both the debt relief program and the deed in lieu of foreclosure \u201care two vehicles that we\u2019re using to find ways to alleviate the situation\u201d on delinquent loans.<\/p>\n
Sablan pointed out that foreclosing a property would be their last resort.<\/p>\n
\u201cOne of the things that we\u2019re doing really is trying to kill fires, trying to find solutions to some of the problems that have been generated over the years,\u201d he explained. \u201cWe\u2019ve come to a situation where everything seems to be going against us in terms of economic development so we\u2019ll find ways to be proactive out there.\u201d<\/p>\n
Camacho said that besides the debt relief program, loans under the Development Corporation Division also make up the bulk of their performing loans.<\/p>\n
Of the 51 listed clients in the DCD, 19 are in the buy-back program or loans that CDA purchased back from banks and the U.S. Small Business Administration, while 15 are in \u201cextreme payment difficulty.\u201d<\/p>\n
\u201cA handful are having a hard time but are paying and more than dozen remain in real good shape,\u201d said Camacho.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commonwealth Development Authority has seen its loan payment collections improve through an increase in the number of borrowers availing of the debt relief program.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-159988","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/159988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=159988"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/159988\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=159988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=159988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=159988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}