Published December 13, 2020, 5:00 AM
The Securities and Exchange Commission (SEC) announced that it has approved the securitization of P319.32 million worth of National Home Mortgage Finance Corporation’s (NHMFC) residential loan portfolio.
In a statement, the SEC said the Commission En Banc approved the secondary mortgage institution’s securitization plan, subject to the fulfillment of certain conditions.
Under the securitization plan, NHMFC will sell a select pool of 1,291 long-term secured residential loans to a special purpose trust known as BALAI Bonds 2 Special Purpose Trust (BALAI Bonds 2 SPT).
Following the sale, BALAI Bonds 2 SPT will issue P319.32 million in asset-backed securities, consisting of P150 million in class A senior notes and P169.32 million in class B subordinated notes.
December 11, 2020 | 7:47 pm Font Size
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THE Securities and Exchange Commission (SEC) warned the public against investment schemes run by Cubebit 2.0 and Alisurvey Advertisement Marketing Services, which it said are not authorized to make such offers.
In two separate advisories on its website, the SEC said the two entities are soliciting investment without licenses.
The SEC said the Cubebit 2.0 scheme promises “ridiculous rates of return with little or no risk.”
According to the regulator, Cubebit 2.0 claims to give investors the opportunity to earn passive income via a number of online trading platforms.
The SEC said Cubebit 2.0 is not registered with the commission and is not authorized to solicit, accept or take investment from the public.
BusinessWorld
December 11, 2020 | 7:45 pm
The Securities and Exchange Commission (SEC) approved Friday a plan by the National Home Mortgage Finance Corp. (NHMFC) to securitize more than 1,200 residential loans, which will be held by a special purpose trust.
Under the plan, NHMFC will sell 1,291 mortgages to BALAI Bonds 2 Special Purpose Trust (BALAI Bonds 2 SPT).
The trust will then issue P319.32 million worth of asset-backed securities, comprising P150 million Class A senior notes and around P169 million Class B subordinated notes.
“Proceeds from the issuance will then be used to pay NHMFC the purchase price for the residential loans,” the SEC said in a statement.
SEC greenlights NHMFC plan to issue fresh balai bonds inquirer.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.net Daily Mail and Mail on Sunday newspapers.
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Metro Manila (CNN Philippines) Scammers haven’t taken a break even amid the pandemic and are giving cryptocurrency a bad name. In August 2020, the Department of Finance (DOF) revealed that the name of Secretary Carlos Dominguez III was used to promote a fake cryptocurrency auto-trading platform called “Bitcoin Revolution.”
The DOF also learned that a platform called “Bitcoin Lifestyle” falsely claimed that President Rodrigo Duterte “is urging all citizens of the Philippines to learn about Bitcoin Lifestyle quickly to get involved.” These were all refuted by the DOF.
However, fraudulent schemes haven’t stopped there. Since April, the Securities and Exchange Commission (SEC) has exposed nearly 30 entities luring people to put their hard-earned money into illegal investment schemes with the promise of high returns over a short period.