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No buyer for Fund’s member home loan program
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Posted on May 03 2012
By Clarissa V. David
Reporter
Reporter
The NMI Retirement Fund failed to rustle up a buyer for its member home loan program, according to administrator Richard Villagomez.
Fund legal counsel Christopher Timmons noted in Tuesday’s regular board meeting that the pension agency received some inquiries but no proposals were actually submitted.
The member home loan program is one of the three local investments of the Fund and is up for sale. The other two portfolios are the Commonwealth Government Credit Union and the receivables for the Judicial Building loan.
The member home loan program has 104 accounts and the principal amounts to $5.2 million.
Saipan Tribune files show that the request for proposals for the member home loan program was issued on Feb. 8 and closed on March 12.
Should there be interest in the program in the future, Villagomez said they will reissue the RFP “and see what the proposal is.”
The sale of the Commonwealth Government Credit Union, meanwhile, had “some conditions on the loan agreement that didn’t allow for it,” said Villagomez.
Timmons, for his part, disclosed that they received a letter from the Office of the Attorney General offering “real property” on Tinian and Rota “in partial satisfaction of the credit union.”
He said he asked the OAG “to give us some specifics so we’ll consider it.”
