Can NTUC INCOME recover house loan $1.2 million?
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If u are the members of NTUC INCOME,your pocket may be affected
by this mortgage court case of 1.2 million!!
INCOME is going to take possesion of this property
and is taking action to recover outstanding some S$1,200,000
arising from a mortgage agreement dated 1999.
INCOME is the lender,of course or mortgagee.
Read today ST NOTICE section.
I dunt know why this Co--operative became a bank like
operator,considered a little bit risker!!
INCOME does not grant house loan any more.
But INCOME still write mortgage insurance which i strongly
suggest u buy even u dunt eat lunch once in a while.
Why granting loan
Even mortgage activity is allowed under the constitution
of INCOME,was it prudent act as a bank to grant mortgage?
Mortgage activity is high risk activity
and INCOME is a co--operative society?
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Did the mortgage activity match with the aims of Co--ops?
How much has been lost or gained from mortgage
activity?
The cease of mortgage from INCOME seems can tell u the
answer!!
I am not asking for gain in every business or deal,
like i mentioned here for Temasek or GIC.
In biz,if u forecast correctly for 70%,u will be rich.
But u have to see the nature of entity.
Co-ops shall not involve in high risk activity.
http://www.ntuc.org.sg/co-ops/about_coops.asp
Objectives of NTUC Co-Operatives
- to help stabilise prices of basic commodities and services
- to strengthen and protect the purchasing power of workers
- to allow union leaders to gain management experience, and to understand the problems faced by management, thus helping to promote better labour-management relations
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Bonus issue
It will be unfair to say the cut in bonus of insurance is afftected by
mortgage activity.Bonus in insurance is a long term committment
which management shall not hand out too generous to attact
clients but putting high burden for the co--op
20 or 30 years down the road.
NTUC Choice Homes Co-operative Ltd
http://www.ntuc-choicehomes.com/
http://www.ntuc.org.sg/co-ops/history_choicehomes.asp
Is it wise to use Unions funds to develope houses?
We have many GLC involved in developments.