{"id":3937,"date":"2012-02-24T03:16:37","date_gmt":"2012-02-24T03:16:37","guid":{"rendered":"http:\/\/newspaper.ctsi-logistics.com\/?p=3937"},"modified":"2012-02-24T03:16:37","modified_gmt":"2012-02-24T03:16:37","slug":"nmhc-thumbs-down-buying-funds-home-loan-portfolio","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/nmhc-thumbs-down-buying-funds-home-loan-portfolio\/","title":{"rendered":"NMHC thumbs down buying Fund&#8217;s home loan portfolio"},"content":{"rendered":"<div>By Clarissa David<br \/>\nReporter<\/div>\n<p>The Northern Marianas Housing Corp. is not interested in buying the NMI Retirement Fund&#8217;s member home loan program due to the corporation&#8217;s own loan portfolio.<\/p>\n<p>Housing corporate director Joshua Sasamoto informed the board during its meeting yesterday that the Fund is currently looking for buyers for its member home loan program, one of its four local investments.<\/p>\n<p>The Fund is selling the program to relieve it from the burden of managing a program that yields a low rate of investment return and has high delinquency ratio.<\/p>\n<p>\u201cI don&#8217;t know if we&#8217;re in any position to purchase that portfolio but it&#8217;s obviously in line with our business,\u201d Sasamoto initially said.<\/p>\n<p>Sasamoto said the loan program is composed of 105 loans, with the delinquency rate at \u201c32 percent as far as number and 39 percent as far as dollar amounts.\u201d He added that 12.4 percent of the program is \u201cdoubtful\u201d and annual return is at 8.95 percent.<\/p>\n<p>He said the RFP, which closes on March 12, allows for one-day inspection of the loan portfolio after signing a non-disclosure agreement.<\/p>\n<p>Board chair Marcie Tomokane noted that Housing is not in a position to purchase any more loans \u201cor add more problems to ourselves.\u201d<\/p>\n<p>\u201cWe&#8217;re still dealing with other guaranteed loans that we have in our books,\u201d said Tomokane, referring to their U.S. Department of Agriculture Rural Development program.<\/p>\n<p>Tomokane added that the Fund&#8217;s member home loan program delinquency rate \u201cis very substantial.\u201d<\/p>\n<p>The board concurred with Tomokane and decided to pass on the Fund&#8217;s RFP.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Clarissa David Reporter The Northern Marianas Housing Corp. is not interested in buying the&#8230;<\/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-3937","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\/3937","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=3937"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/3937\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=3937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=3937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=3937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}