Mexico's Banamex To Co-Finance Home Loans With Government Fund
 Anthony Harrup - Dow Jones
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Mexico City - Mexican banking group Banamex said this week it signed an agreement with the government workers housing fund Fovissste to co-finance the acquisition of homes by public-sector workers.
Banamex, the local unit of Citigroup Inc. (C), said the agreement includes two programs, one with joint loans for homes ranging from 150,000 pesos ($13,600) to just over MXN1 million, and another for higher earners with no upper limit and a bank loan.
In both cases, workers can use the funds in their Fovissste housing accounts as down payments.
Banamex is the second bank to join in the program. Grupo Scotiabank, the local unit of Bank of Nova Scotia (BNS), signed a similar agreement in June.
Fovissste, which makes mortgage loans to government workers assigned via a lottery, had a preliminary goal of granting 110,000 loans this year. It expects the co-financing programs to boost the number of government workers who can obtain mortgages.
anthony.harrup@ dowjones.com |
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