The National Housing Fund Institute for Workers (Infonavit) has taken significant measures regarding the debts of 2 million workers who have credits originating in Minimum Wage Times (VSM) before 2013. The measure was announced by Octavio Romero Oropeza, general director of Infonavit, during a press conference attended by President Claudia Sheinbaum.
Romero Oropeza explained that out of the existing 6.2 million mortgage credits, 64 percent had debts considered unpayable due to the annual increases in monthly payments caused by inflation. The case of a worker with a credit of 249,265 pesos in VSM was mentioned, who could end up paying up to 1,383,045 pesos in 30 years, five times more than what was initially borrowed, due to interest payments or adjustments to the minimum wage.
"The president instructed us to put an end to this injustice," declared Romero Oropeza. As a result, the balance and monthly payments of the 2 million affected VSM credits have been frozen, which means that the monthly payments will remain fixed from now on. Automatic benefits will be granted, including reductions in interest rates and monthly payments, to 500,000 workers, while the rest will need to go to Information Service Centers to receive other benefits.
Additionally, there are plans to extend additional benefits to another 2 million credits granted between 2014 and 2020. The announced program aims to prevent increases in the overdue portfolio of the Institute, thus improving both the financial situation of families and that of Infonavit itself. As of August this year, the Institute's Past-Due Portfolio Index stood at 14.94 percent in number of credits and 18.64 percent in amounts, being approximately 25 percent of Infonavit's total portfolio in VSM.
From 2018 to 2024, more than 5 million Social Collection Solutions have been granted by Infonavit, with over 3.1 million restructurings. Additionally, the Shared Responsibility program has converted 1.3 million VSM credits to pesos since 2019.
