Former Commonwealth Development Authority board chair Juan S. Tenorio said he is disappointed with the agency\u2019s recent decision to make public a list of \u201cdelinquent\u201d borrowers, calling the move \u201cunprofessional\u201d and \u201cuncalled for.\u201d <\/p>\n
\u201cI was not happy about releasing those names. It\u2019s uncalled for and unprofessional. If I were there, it would never happen,\u201d he said in an interview.<\/p>\n
Tenorio left the CDA board last year after serving the agency for over 20 years.<\/p>\n
The CDA, headed by board chair Calixto Igisomar, earlier disclosed that all nine senators and 15 members of the House of Representatives have relatives with loans in default.<\/p>\n
This came after the Legislature passed a bill that offers relief to delinquent borrowers. Among others, the bill seeks to prevent the CDA from filing foreclosure or default collection proceedings\u2014or any court proceeding\u2014on any delinquent loan without first meeting with the borrower and making \u201cgood faith attempt\u201d to resolve the outstanding indebtedness.<\/p>\n
CDA maintained that the measure, Senate Bill 14-48, is \u201ca special interest legislation of the worst kind.\u201d<\/p>\n
It said that the \u201creason for the passage\u2026is because of the aggressive lobbying efforts of several high profile defaulted borrowers.\u201d<\/p>\n
CDA considers the bill \u201cillegal and unconstitutional\u201d noting that will impair the obligations of contracts.<\/p>\n
Further, the agency said that the measure would bankrupt the CDA, affect its relationships with federal agencies, lose its integrity, and kill upcoming economic development.<\/p>\n
CDA has said that its delinquency rate has reached 83 percent.<\/p>\n
Tenorio said that CDA exists primarily \u201cto stimulate the economy\u201d and this means helping businesses stay afloat amid financial difficulty.<\/p>\n
Tenorio said the delinquency rate includes two categories of borrowers: those who don\u2019t pay at all and those who pay but not based on the agreement. <\/p>\n
He said the \u201creal\u201d delinquency rate at CDA would only amount to 21 percent.<\/p>\n
\u201cIt\u2019s only 21 percent. Well, this is not acceptable in commercial banking but bear in mind that CDA is there to stimulate the economy. It\u2019s different from other lending institutions. So a 21 percent [delinquency rate], in a sense, is acceptable [for a government-run agency],\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Former Commonwealth Development Authority board chair Juan S. Tenorio said he is disappointed with the agency\u2019s recent decision to make public a list of \u201cdelinquent\u201d borrowers, calling the move \u201cunprofessional\u201d and \u201cuncalled for.\u201d <\/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-85044","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\/85044","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=85044"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/85044\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=85044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=85044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=85044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}