D.F.C. Chairman Says They Have Borrowed from S.S.B. Countless Times

Henry Anderson

Amid public concerns raised since the announcement of the Social Security Board investing in the D.F.C. mortgage program, the Development Finance Corporation today issued its own press release clarifying the loan facility it is being provided. News Five contacted the Chairman of D.F.C.’s Board of Directors, Henry Anderson, who explained that the D.F.C. has borrowed from the S.S.B. countless times before and most of them have been fully paid off.

Over the phone: Henry Anderson, Chairman, D.F.C. Board of Directors

“I believe this is our twenty-fourth such loan programs since the 1980’s. Twenty-two of them have expired already and have been paid back. Two of them are still going. What we are facing right now is a big demand for residential home, housing loans. People are building houses so we need to be able to do that, so we approached the Social Security Board, and that’s an arm’s length thing – the Social Security. We have to send a proposal, we have to show them how we are going to secure the loan, and in this case, since we’re doing mortgages, we will secure with the mortgages that we’re doing right, with the properties and the houses and we assign those mortgages to the S.S.B. So they go in, their committee looks at the entire project, and then they come back and they make an offer. The offer stipulates the time frame by which we have to draw on the funds, the interest rate, the performance metrics that they put up on our portfolio that they want to see the D.F.C. make to ensure that their investment is safe, so we have to meet all of those things.”