OPA notes deficiencies with GHC - KUAM.com-KUAM News: On Air. Online. On Demand.

OPA notes deficiencies with GHC

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by Nick Delgado

Guam - The Office of Public Accountability has reported several financial deficiencies with the Guam Housing Corporation. The audit shows that the GHC has received a 28% decrease from its prior year net assets due to the decline in revenues from both the Housing and Rental Division.

Guam OPA's Frank Cooper-Nurse says although GHC has had a decline in its loan portfolio for the past eight years, he did notice an improvement this year as he says GHC has reduced its mortgage rate loans.  He said, "This year's audit was a clean opinion, no material weakness, no question costs, and only four controlled deficiencies identified in a management letter comment."

Cooper-Nurse adds that the GHC's challenges were due to the economy, competition from other financial institution and the inventory for the bracket that they are able to lend out to.

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