Monday, 14 May 2007

Question for Written Answer: 10 April 2007

In February, I had asked questions in Parliament about the repossession of HDB flats by banks. Back then, I had asked the Parliamentary Secretary to the Minister for National Development for figures on the repossession of flats by the HDB, before the market was liberalised to allow banks loans to purchase HDB flats. He did not have the figures then, but said he would provide them if I wanted. In the event, I had to file another question to get the information. So here it is.

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

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