What is telling is that in the 5 years from 1998 to 2002, the HDB repossessed only 24 flats in all. Contrast this to 895 HDB flats repossessed by banks in the 4 years from 2003 to 2006. Is this an improvement for the people? I'm not so sure.
(Flats repossessed due to failure of loan repayments)
Mr Siew Kum Hong asked the Minister for National Development in each of the 5 years before the market for HDB loans was opened up to banks, how many flats did the HDB repossess for failure to make mortgage or loan repayments.
Mr Mah Bow Tan: From 1998 to 2002, a total of 24 flats were recovered by HDB. These flats were either abandoned by lessees or returned to HDB by lessees due to default in mortgage payments. The breakdown by year is provided in the table below.
1998: 8 cases
1999: 5 cases
2000: 9 cases
2001: 1 case
2002: 1 case
Total: 24 cases