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‘Save Senate Bill 14-48’
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Posted on Sep 28 2004
Who should we blame for Senate Bill 14-48? Why is the CDA now contesting its approval when it is apparent that it was due to their irresponsible management of our public funds that they are now crying foul? At an 87 percent delinquency rate, it is far worse than the Bank of Saipan scenario. I certainly believe wholeheartedly that a reorganization of this agency is in order. It appears that they are incapable of handling financial affairs. The CNMI government, particularly the House and the Senate should do an oversight hearing on these management and board so that they can answer the public about the critical financial status of CDA. Despite this high delinquency ratio, I am surprised and appalled by their full attendance at the DOI Los Angeles conference. Do they really have to be there? Did they provide any type of presentation at the conference to lure investors into our Commonwealth?
Recently, CDA initiated an in-house incentive program that would waive interest on borrowers that paid off their loans in advance. Was OPA or the AGO consulted on this matter? Why is S.B. 14-48 now in question? Isn’t it true that the in-house CDA incentive program caters to special interest groups? By the way, who advised CDA that this incentive program is proper? Was the in-house incentive program approved at the recommendation of the executive director or directly approved by the board? Something smells fishy here. The people of the CNMI needs to know and wants answers. Isn’t it true that some of your CDA affiliates were part of this incentive program? Let the record speak for itself and disclose these dealings as we the people demand answers. I think it is time to review the underwritings of CDA-approved loans so that people are well informed.
Save S.B. 14-48 and help borrowers struggling to survive in this hard economic times. CDA is not doing its job and the borrowers should not be penalized for work that should have been prevented had they been more responsive to their clients.
Julie S.
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