{"id":6359,"date":"2012-03-28T02:12:20","date_gmt":"2012-03-28T02:12:20","guid":{"rendered":"http:\/\/newspaper.ctsi-logistics.com\/?p=6359"},"modified":"2012-03-28T02:12:20","modified_gmt":"2012-03-28T02:12:20","slug":"cda-loan-payments-improve-under-debt-relief-program","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/cda-loan-payments-improve-under-debt-relief-program\/","title":{"rendered":"CDA: Loan payments improve under debt relief program"},"content":{"rendered":"<div>By Clarissa David<br \/>\nReporter<\/div>\n<p>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<p>Loan manager Oscar Camacho said they now have 44 borrowers under the debt relief program, compared to last year&#8217;s 34.<\/p>\n<p>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<p>\u201cWe are addressing these via conferences, consultations, workout plans, catch up plans, etc.,\u201d Camacho told Saipan Tribune via email.<\/p>\n<p>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<p>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<p>\u201cThere&#8217;s 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&#8217;re making payments now,\u201d Sablan said.<\/p>\n<p>According to him, both the debt relief program and the deed in lieu of foreclosure \u201care two vehicles that we&#8217;re using to find ways to alleviate the situation\u201d on delinquent loans.<\/p>\n<p>Sablan pointed out that foreclosing a property would be their last resort.<\/p>\n<p>\u201cOne of the things that we&#8217;re 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&#8217;ve come to a situation where everything seems to be going against us in terms of economic development so we&#8217;ll find ways to be proactive out there.\u201d<\/p>\n<p>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<p>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<p>\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":"<p>By Clarissa David Reporter The Commonwealth Development Authority has seen its loan payment collections improve&#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-6359","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\/6359","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=6359"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/6359\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=6359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=6359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=6359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}