Louis Ng on Housing and Development (Amendment) Bill
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Louis Ng on Housing and Development (Amendment) Bill(Updated: )
In the current economic crisis, there are risks in letting banks pledge home loans as collateral to borrow from the Monetary Authority of Singapore, MP Louis Ng told Parliament on Tuesday (Oct 6). He said more households, facing job or pay cuts, may default on their mortgage payments. Speaking during the debate on the Housing and Development (Amendment) Bill, Mr Ng asked for data on the default rate of HDB bank loans in the past five years and what the rate is forecast to be in the next two years.