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September 26, 2024
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Fovissste allocated 4,889 million pesos in liquidation programs during the six-year term

Fovissste allocated 4,889 million pesos in liquidation programs during the six-year term

Between January 2019 and September 2024, the Housing Fund of the Institute of Security and Social Services for State Workers (Fovissste) allocated 4,889 million pesos in settlement programs and restructuring of mortgage loans.

According to the agency, a total of 64,310 people were directly benefited by the eight cancellation or restructuring programs, which demonstrated an active policy to ensure access to a dwelling dignified and protect their heritage.

He Fovissste The Ministry of Finance reported in a statement that the funds were obtained through accounting reserves, originating from savings generated during the current administration.

“The actions taken in no way negatively impact the financial stability of Fovissste“, detailed the organization headed by Cesar Buenrostro Moreno.

The agency pointed out that in 2023 the Fitch Ratings agency ratified its rating as Primary Administrator of Financial Credit Assets (AAFC1); likewise, S&P Global Ratings raised its rating as Primary Administrator of Mortgage Loans.

“In this way, returns are guaranteed for the housing sub-account of its contributors,” the Fund said.

Current administration

During the current administration, the State Workers Housing Fund was directed by Agustín Rodríguez López from 2019 to 2021, who passed the baton to César Buenrostro Moreno, the current executive director of the mortgage company.

It was during the second period of the administration that most of the projects were designed. settlement programs and restructures, based on the reform to the ISSSTE Law on housing, published on May 8, 2023 in the Official Gazette of the Federation (DOF).

Such is the case of the UMA Restructuring Program in pesos, which aims to support 90,000 workers, in order to regularize payments and avoid the increase in overdue debt.

Fovissste Programs

In total, eight programs were launched that encouraged the settlement and restructuring of loans, which benefited the accredited population:

  • Liquidation 5 and 10%: It benefited 33,442 beneficiaries of the Fovissste with discounts of 5% on loans issued less than five years ago, and 10% on loans issued 10 years ago or more.
  • 30/60 Settlement: It served 16,687 adults over 60 years of age who had paid twice the amount of the loan and who had a mortgage that was 30 years old.
  • Clearance of 10: It favored 8,926 applicants, who paid 90% of the financing and had the remaining balance forgiven.
  • Release of credits (more than three times): 2,856 loans were cancelled for those who covered more than three times their loan.
  • Restructuring of the Measurement and Update Unit (UMA) to pesos: It records the adhesion of 805 accredited persons to modify the financial conditions and offer fixed interest rates and payments.
  • Support for pensioners and retirees: Record 758 mortgages for the forgiveness of the collection of interest generated during the withdrawal process for up to 24 fortnights and adjustment of the payment obligation of 30% on the pension.
  • Liquidation 2/50: There are 537 mortgages registered to obtain forgiveness of the remaining balance for those who had paid double their credit and had a balance equivalent to 50% of the debt.
  • Program for ex-police officers: He responded to 299 requests from those who stopped working for the defunct Federal Police and received a discount.

The Tailored Solution Program was also launched to support those outside the sector, through which the credit status is reviewed to offer an alternative that adapts to the person’s real payment capacity. It is estimated that around 80,000 applicants could register.

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