Designed to provide money to individuals who want to become homeowners, the Limited Purpose Financial Companies and Multiple Object-performing loans have a 20% and profits fell 95 percent.
The housing backlog reaches 8.9 million families, of the 26.7 million that exist in Mexico. The axle housing project of the federal government is facing a serious crisis, because the Limited Purpose Financial Companies (Sofoles) and Multiple Object (Sofomes), private institutions that lend money to individuals to buy homes, have a nonperforming loans of 20 percent and last year they had to provide resources for nearly 80 000 million pesos.
also has half a million eviction judgments against individuals who have not been able to cover their monthly housing loans.
is why lawmakers demanded clear information to the authorities on this crisis, they say, may have an impact similar to the Fobaproa.
few days ago there was a meeting between industry officials and lawmakers to discuss how serious is the problem, where they accused the Federal Mortgage Society (which started in 2001 specifically to enhance financing to the housing industry) of it not only funded, but that provided resources and Sofomes Sofoles.
After the meeting, assured lawmakers that the companies are hanged. Its profits fell 95 percent by the economic crisis and its nonperforming loans, lawmakers say, is close to 20 percent.
The situation is difficult even though last year public resources were allocated 60 billion pesos "to give them liquidity."
Deputies and senators say it's a financial rescue operation, because of these resources in April this year had already spent 53 billion and growing problem.
That is, there are 7 billion pesos, as Rep. Mario PT Di Costanzo said, "With this money, how long can you resist? How long? ". Lawmakers demanded
information to the federal government want to know what happens, as in the management of Sofomes Sofoles and opacity have been fears that there is a breach of untold magnitude, comparable to the figures mentioned, "what could lead us to a crisis like Fobaproa. "
respect to the resources used to give them "liquidity" is a fund administered by the Federal Mortgage Society (development banks) from 60 billion pesos, according to the head of the agency said Javier Gavito Mohar, and a line of credit from the World Bank for 16 billion pesos.
is why lawmakers say it is a bailout to deal with the crisis of those agencies.
But industry officials deny this and say they are normal funding sources and there is no rescue anywhere, although the Treasury secretary, Arthur Werner, admitted: "... in 2009 it was announced that the National Agreement for the Economy Family and Employment. 60 billion pesos would provide the Federal Mortgage Society to provide liquidity to the Sofoles viable but financially troubled for further housing developments. "
is a matter seriously, which is still unknown how serious the consequences may be, warned PT Di Costanzo and David Penchyna PRI, to emphasize that the impact is not only financial, but social, given that these companies falling, falls housing and therefore, employment.
"And no one knows how many Mexicans who have purchased a home have lost or are about to do so. In short, a vicious circle that can lead to a crisis of incalculable dimensions, "say the legislators.
In the meantime, said Rep. Laura Itzel Castillo, former secretary of Housing and Social Development District Government Federal, there are over half a million eviction judgments against individuals for bank loans and Sofoles.
is also talk that it may be a similar problem to the mortgage crisis that was experienced in the U.S., but even Mexican lawmakers say it is not so, they requested were delivered all the relevant information to determine the extent this, he warned PRI Senator Rogelio Rueda, "is a pressure cooker can explode at any moment."
The matter puts pressure on finances ... and politics. Looking to legislators, the PT Mario Di Costanzo asked the officers: "You know how big is the problem? There was no response.
was this that prompted the deputy David Penchyna announce that prompted the intervention of the Federal Superior Audit to audit the resources of the Federal Mortgage Society, which is responsible for financing these private organizations, because "there's another perverse game of lack of information and lack of data. "
A Di Costanzo said, there are 91 Sofomes Sofoles. Of these, 21 listed on the stock of which is calculated are overdue for 6mil million pesos.
other 70 companies are unregulated and do not know how far your portfolio, although a review made 11 of them this portfolio amounted to 5 billion pesos.
Then PT said, "this can be a bottomless pit" because most of them well and losses recorded negative operating results and the same record and a portfolio SHF won by 5 billion pesos.
words, the crisis is not financial intermediaries, but structural.
Revenue Undersecretary of the Ministry of Finance, Arthur Werner said the nonperforming loans of Sofomes Sofoles and last year grew by 4 percent.
"The increase in delinquencies reflected the economic downturn but no problems of malpractice in the granting of credit, "he said.
The director of the SHF, Javier Gavito Mohar, said in turn that there are defense mechanisms that give credit to ensure their sustainability.
But the PRI deputy David Penchyna, things are not as good as claimed. The truth is that these companies, he said, "are going through a very delicate" and even though he said there is a process of redemption, last week began the rescue of one of them: Su Casita. Is there or no bailout? Are there bankruptcy or not Sofoles?. The truth is that the red lights went on in this sector and "we do not want, is to continue to spread in Mexico, the Robin Hood syndrome, that they take away from the poor to give to the rich, "said the deputy coordinator of the PRI in the Chamber of Deputies, Jorge Carlos Ramírez Marín.
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