From Hong Lim: Tan Kin Lian to form team to challenge PAP !!!

[Avantas]

There were four speakers in today’s rally: Mr Choo Zheng Xi, Mr Leong Sze Hian, Mr Ravi and Mr Tan Kin Lian.

The last speaker of the day is Mr Tan Kin Lian. In spite of a slight drizzle, the crowd of over 200 stayed back to listen to his speech.

Mr Tan spoke on the need to have social justice and fairness in Singapore so that every Singaporean can enjoy the fruits of the nation’s prosperity.

He reiterated that he has no plans to run for political office initially and the petition was an attempt to encourage other credible Singaporeans to step forward to join him to run for the next elections.

As Mr Tan was giving the speech, his volunteers were fanning out amongst the crowd asking them to pen their particulars down to support Mr Tan’s bid for public office.

Mr Tan also updated the investors present on the progress in the class action suit.

Read full article here:

http://wayangparty.com/2008/12/06/mr-tan-kin-lians-address-to-the-nation-at-hong-lim-park/

 

[myo539]

Falling prices scuttle couple's reverse loan

THEY once lived in this 350-sq-m semi-detached, house along Upper Serangoon Road.

Then an outstanding home loan forced them to sell it and the elderly couple now live in a rented HDB flat.

Madam Ng, 56, recounted how they had to vacate their landed property, where they had lived for 31 years.

She now works in the sales line. She spoke on condition that we use only her surname.

She said that her husband, who is in his 70s, gets upset whenever the topic is brought up.

The financing scheme seemed like a safe bet to the couple back in 1997.

They were to receive $2,000 a month from NTUC Income under its newly-launched reverse mortgage scheme.

But things soured when the the valuation of their house dropped substantially and they were forced to sell their house in 2006 to repay the loan.

Ironic twist

What's more, the couple now have to pay Income about $630 a month over 10 years to cover the balance outstanding on the loan.

Madam Ng still has newspaper clippings of the scheme back then. It was mooted by the government to provide another option for older owners to get some income from their homes, without having to move out.

NTUC Income's website says of its reverse mortgage scheme: 'Unlock the cash value of your home. Provides regular cash for retirees.'

It offers an income stream for cash-poor but asset- rich retirees, who can use their houses as security for a loan dispensed in monthly cash payouts.

Madam Ng attended a seminar by Income in 1997 which was held in an auditorium.

The loan worked like this: Their property was valued at $2.1 million. Income could lend them up to 80 per cent of the valuation or about $1.68 million.

This 80 per cent loan amount is also known as the loan-to-value limit/

Income also settled an overdraft of $495,000 which the couple had taken from a bank, using the house as collateral.

Then taking into account Madam Ng's husband's life expectancy, the property value and the interest rate of 5.9 per cent per annum at that point, Income calculated that he would be paid $2,000 a month at that point.

Madam Ng said they signed up for the scheme a few days after attending the talk.

The letter of offer did not state the number of years they would receive the monthly payments, as this depended on many factors that could change.

5 things about reverse mortgage

1. Introduced in 1997 by NTUC Income and targeted at private property owners aged 60 and above.

2. In 2006, Income began offering the scheme to HDB flat-owners aged between 70 and 90. That year, OCBC became the first bank to offer reverse mortgages to elderly private property owners.

3. There are 140 private home owners still on the scheme, and Income is currently accepting new applications for only HDB properties.

4. There are about 20 HDB flat-owners on the scheme.

5. Response to reverse mortgages has been cool due to the high interest rates. Rates are not fixed.

Tan May Ping
Sat, Nov 22, 2008
The New Paper

Wah Tan Kin Lian appears to be a hero.

Was Tan Kin Lian responsible for this scheme when he was still with NTUC? Was it his idea? Why is Tan not fighting for those who lost their homes through this NTUC scheme? Was NTUC devising a way to rob the people of their houses? What has Tan Kin Lian got to say to this?

 

[bebo]

WayangParty need to improve their journalism/writing skills:

1. Mr Ravi

Who is this Mr Ravi? Is it M. Ravi the lawyer? Or is it Subramaniam Ravi or Keling Ravi or Bayi Ravi??

2. Mr Choo Zheng Xi, Mr Leong Sze Hian

Who are these people? Not every body know them. Should not assume the reader knows the person. Need to introduce them.

 

[theblackhole]

wow a new tan kin lian party for the people! congratulations!!!

 

[Avantas]

Wayangparty.com do not see the need to give TOC free publicity.

WayangParty need to improve their journalism/writing skills:

1. Mr Ravi

Who is this Mr Ravi? Is it M. Ravi the lawyer? Or is it Subramaniam Ravi or Keling Ravi or Bayi Ravi??

2. Mr Choo Zheng Xi, Mr Leong Sze Hian

Who are these people? Not every body know them. Should not assume the reader knows the person. Need to introduce them.

 

[silverfox@]

Madam Ng attended a seminar by Income in 1997 which was held in an auditorium.

The loan worked like this: Their property was valued at $2.1 million. Income could lend them up to 80 per cent of the valuation or about $1.68 million.

This 80 per cent loan amount is also known as the loan-to-value limit/

Income also settled an overdraft of $495,000 which the couple had taken from a bank, using the house as collateral.

Then taking into account Madam Ng's husband's life expectancy, the property value and the interest rate of 5.9 per cent per annum at that point, Income calculated that he would be paid $2,000 a month at that point.

Madam Ng said they signed up for the scheme a few days after attending the talk.

The letter of offer did not state the number of years they would receive the monthly payments, as this depended on many factors that could change.

5 things about reverse mortgage

1. Introduced in 1997 by NTUC Income and targeted at private property owners aged 60 and above.

2. In 2006, Income began offering the scheme to HDB flat-owners aged between 70 and 90. That year, OCBC became the first bank to offer reverse mortgages to elderly private property owners.

3. There are 140 private home owners still on the scheme, and Income is currently accepting new applications for only HDB properties.

4. There are about 20 HDB flat-owners on the scheme.

5. Response to reverse mortgages has been cool due to the high interest rates. Rates are not fixed.

Tan May Ping
Sat, Nov 22, 2008
The New Paper

One look already know. NTUC income allows loan of up to 80% and they prop up the valuation so that an illusion of the property having a high value when it is actually not.

For instance
NTUC $2.1mill value, loan you 80% at $1.68mill
Other banks could probably only give valuation of $1.95mill value and loan you 85% at $1.66mill

See the picture I paint? This is what banks can do and always have been doing. They give an impression that the property is high value when in fact it is not true reflection. This is to entice people to do re-financing. If not banks and financial institutions no money earned.

Wah Tan Kin Lian appears to be a hero.

Was Tan Kin Lian responsible for this scheme when he was still with NTUC? Was it his idea? Why is Tan not fighting for those who lost their homes through this NTUC scheme? Was NTUC devising a way to rob the people of their houses? What has Tan Kin Lian got to say to this?

Probably you can go Hong Lim and ask him. kekeke:p

 

[tonychat]

wow, trying to pass off as some PHD professor giving analytical thesis.. pls lah.. what does sinkie knows