President Gloria Macapagal-Arroyo signed today into law the Socialized and Low-Cost Housing Loan Restructuring and Condonation Act of 2008.
This is to give the underprivileged Filipinos the chances to save their homes from foreclosure thru a rational loan restructuring and condonation scheme.
Republic Act No. 9507 offers a rational loan restructuring and condonation program for the underprivileged Filipinos based on the credit worthiness and credit discipline of the borrowers and the financial viability of the lending institutions. (PIA/Bohol)