EPF monies fro Public Housing funding

[zinglicious]

Is it right for EPF to utilise it for Public housing fundings? http://thestar.com.my/news/story.asp...603&sec=nation

[birdy]

Is it right for EPF to utilise it for Public housing fundings? http://thestar.com.my/news/story.asp...603&sec=nation

This is ridiculous... they forced us to save the money with them and yet we don't have any say on how they going to use our money!! I just couldn't understand why they want to loan to those that banks have rejected? No doubt the loan is secured against the property but how much can you get from low cost properties?

I expect there will be lots of defaulters after this ..........haiz.......

[cml]

If commercial banks would not even touch those loans you can be rest assured that these loans will be a source of problem in the future and when it is not serviced then they will claim to be from which and which party so no one can touch them. This is getting all too crony for my liking

[zinglicious]

And how about the sizable loans approvals for mega projeks here and there?

BTW, I remembered back several weeks ago, our moderator Patrick was asking how to solve the problems for his friend unit where it was held in the tango ownership in limbo rock as the properties kenot be transferred because the developer gone kabut with the KL bandaraya lot.

[fonzie]

My thoughts:-

1. This is essentially loans to people who do not qualify for legit standard bank loans (following standard loan guidelines set by Bank Negara).
2. In logically extension of above info, this scheme is essentially a subprime loan facility ala 2008 US subprime crisis era. Go google about the background to the subprime crisis.
3. If the govt really wants to help, why not use the Danaharta facility or set a budget for it which should have been tabled in the last budget session? Why now use EPF funds, which essentially is meant for contributing members' retirement use?
4. There is a universal governance guideline when people in power initiate so-called noble social housing programs for the poor, do not infringe on other people's legitimate rights by drawing funds from these members' contributions meant for these members' retirement use for these so called noble intentions. Pathetically shameless!
5. Considering the above, I think every EPF member ought to critically think through and ask yourselves if this govt really can be trusted, has principles, honest and has integrity.

There are good people and bad people out there in politics, but very few honest people. It is time Malaysians wake up and embrace universal principles of public governance.

Cheers!

[Henry T]

They take basically what is your money, to do all these and make it look like they are doing you a big favour.

[cml]

In the english language it means you are getting screwed but in bolehland they are helping the chosen ones and they laugh at you by giving you handouts in white envelopes!!

[burntan]

Government run out of tax money, now they eyeing on our EPF

[zinglicious]

Wrong....they already have hands on our EPF. Amazing that we as a members of the EPF, we have no say how the monies or policies should be governed and dispense.

[burntan]

Wrong....they already have hands on our EPF. Amazing that we as a members of the EPF, we have no say how the monies or policies should be governed and dispense.

We have no say on how they spent our tax money as well, don't we?

[zinglicious]

Contributor to the tax are not called Ahli or member. Not the member of the club how to talk?

[cml]

So at the first chance take everything out if you can and manage it yourself.

[burntan]

So at the first chance take everything out if you can and manage it yourself.

How about invest at max to mutual funds?

[cml]

The number of funds which our epf monies can go into are also very limited. It is basically for investment in mutual funds that are also invested in local securities. That is the reason why our exchange is still so strong (it seems) because of the public funds that are used to prop up the klci.

[cml]

The other alternative to mutual funds is putting it in bonds. Bonds are relatively less subject to fluctuations in the stock markets but the returns are also less.