Adjustments in 44% of the first circle of the President

Inflation raises the cost of mortgage loans: Fovissste

jared laurels

Newspaper La Jornada
Saturday April 23, 2022, p. eleven

The mortgage loans of workers in the service of the State, especially those of greater seniority, are experiencing significant deterioration due to inflation, which impacts the updating of the unit of measurement and updating (UMA) and modifies the original debt, acknowledged César Buenrostro, executive member of the Issste Housing Fund.

He pointed out that the feasibility of offering a short-term restructuring scheme of UMA to pesos to the beneficiaries is being analyzed.

The official stressed that the initial candidates for these options will be retirees, since young loans have not suffered any deterioration.

To date, Fovissste has 915 thousand 984 current loans. Of the total, 15.7 percent (143 thousand 528) corresponds to retirees.

Meanwhile, 70.7 percent (647 thousand 375) is the number of active workers, according to official information.

At a press conference to present the payment of Fovissste credits in Telecomm branches, Buenrostro stressed that it is valued maneuverability of the institute to offer workers a new traditional credit in pesos, since, he assured, in the first instance savers’ money must be safeguarded.

Likewise, Buenrostro explained that a part of the fund is made up of 30 percent, which is deducted from the payroll of each of the active workers.

However, when they retire your income definitely drops substantially and that percentage could be insufficient. Then the credits begin to deteriorate rapidly due to the adjustment of the UMAcommented.

The executive member also pointed out that most of the credits are in UMA, with the exception of those granted by commercial banks, which are in pesos with Fovissste for all.

Up to the first quarter of this year, 9,708 loans have been granted, of which 5,396 were used to purchase new homes and 4,312 for used ones.

In this sense, he indicated that inflation affects new ones by 30 percent, due to the increase in the cost of materials; in particular, steel.

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