The National Workers' Housing Fund Institute (Infonavit) has announced that it will stop receiving annual payments of up to 10 billion pesos by freezing the debts of 2 million credits originated in Minimum Wage Units (VSM) before 2013. Mario Macías Robles, Director of the Workers' Sector (DST), mentioned that this measure responds to a historical debt and that they will seek to compensate for this loss of income to improve the financial situation of the institute.
"The amount of the 2 million credits equals a total sum of the mortgage portfolio of about 700 billion pesos. With this definitive freeze, around 10 billion pesos per year will no longer be collected, but the administration commits to taking measures to reduce the Delinquency Index," said Macías Robles.
The director of Infonavit, Octavio Romero Oropeza, has announced that this decision will mainly benefit workers in Nuevo León, State of Mexico, and Jalisco, in addition to seeking alternatives to assist another 2 million workers with VSM credits originated after 2013.
To compensate for the loss of income, Macías Robles explained that Infonavit currently has a burden of 330 billion pesos in delinquent loans, which represents about 19% of the total mortgage portfolio. They will focus on placing the mortgage portfolio to strengthen the mass marketing of already awarded housing, as credits are the main source of income for the institute.
It is expected that the automatic conversion of around 455 thousand credits and the application by 845 thousand beneficiaries will help achieve financial balance. The next Ordinary General Assembly of the institute, scheduled for December 16, will address the financial planning of Infonavit, including these adjustments and the collection and recovery goals that will be established.
