Source: Excelcior 10-02-2010
During this year the Housing Fund Institute of Security and Social Services for State Workers (FOVISSSTE), will securitize a mortgage portfolio by 18 billion pesos, said Manuel Pérez Cárdenas, executive board member of the institution.
He mentioned that the resources generated by the sale will grant FOVISSSTE mortgage loans for 100 thousand bureaucrats.
“That figure”, he said, “is similar to the credit granted last year”.
Meeting that goal will require the raising of 56 billion pesos, but he hopes that the markets will respond positively to the securitization.
During his participation in the second day of the Mexican Housing Day, Pérez said that 2009 was really adverse to the housing industry “and yet we put 12 billion pesos in the market”.
Pérez said that so far there has been a favorable response with the securitizations that FOVISSSTE had had in the past. “The Mexican market is very attentive to our placements, it is a market that still gives a lot more,” he said.
“The first 2 thousand 500 million pesos will be placed of the NYSE next week at a rate of approximately five percent,” he said.
Subsequently debt issues will be made in March, May, September and November (each for 4 thousand 400 million pesos) this year.
Allied and Pensioned
In another vein, Pérez Cárdenas said that FOVISSSTE granted more than 100 thousand loans in 2009, representing a growth of 11 percent over the 90 thousand that occurred in2008, and more than 12 times those reported in 2002.
He noted that 2010 is expected to place the same amount of credits in 2009. Above all it seeks to place more than 6 thousand credits through his scheme Pensiona2 (Pensioned).
This will consolidate and make efficient their processes, which is one of the main objectives of the institution for this year.
Before institutional investors, the official said one of its most successful products has been the Alia2 (allied), which was released in the Mexican market in August last year.
Until now, it involves 28 financial institutions and banks among others. The one with greater participation is BBVA Bancomer, followed by HSBC, Banco del Bajío, Scotibank, and Hipotecaria Vértice.
The goal for this year is to provide between 25 and 30 thousand loans under this scheme with an outlay of 30 billion pesos in all.
Pérez Cárdenas said FOVISSSTE has become efficient in an important manner in the last decade while in 2002 it offered 11 thousand 68 credits, last year it placed 100 thousand loans. For this year it is expected to place a similar amount.
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