Mexico's Infonavit Mortgage Lending Dips 9.6 Pct
 Gabriela Lopez - Reuters
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October 01, 2009
Monterrey, Mexico - Mexican lender Infonavit said on Wednesday it made 9.6 percent fewer mortgages in the first nine months of the year, but it is still on track to achieve its goal for 2009.
Infonavit, Mexico's largest mortgage lender, said it has authorized 309,366 credits so far this year amid a slumping economy and rising unemployment, but lending has speeded up in recent months.
"The recovery seen in lending as of June will allow us to reach the goal of 500,000 loans ... for 2009," Infonavit said in a statement.
Infonavit mainly finances itself with contributions from employers. But in recent years it has started issuing mortgage- backed securities to increase its funding capacity.
Homebuilders such as Geo (GEOB.MX), Homex (HOMEX.MX) and Urbi (URBI.MX) depend on mortgages handed out by Infonavit for most of the houses they sell.
Infonavit said nonperforming loans were equivalent to 4.76 percent of its portfolio as of the end of August, slightly higher than at the end of 2008.
(Editing by Andre Grenon) |
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