Davao Subprime Crisis
After reading this article it hit me like this is Davao City’s own version of a subprime loan bailout.
A few weeks back the government already approved a bailout package for defaulting home loans so that homeowners wouldn’t be left out on the street.
The sad thing here is that these home’s aren’t the pricey homes that people couldn’t afford in the first place causing the subprime meltdown and ensuing world wide credit crunch. The loans and homes these people bought were mostly low end homes and now they can’t afford to pay them.
Housing is a necessity and shouldn’t be a luxury. Is owning your own home in the Philippines just a dream over the rainbow? I hope not.
