BBVA Bancomer, the largest bank of those operating in Mexico, has responded to the market share Infonavit has taken from the banks since the public organization chose to increase its credit to recipients to just over one million 600 thousand pesos.
This Wednesday, Carlos Serrano, Chief Financial Officer of BBVA Bancomer, also considered that the next administration would re-examine the role of the Public Housing Institute.
"We think it would be very happy if the new administration considers Infonavit's role," he said.
In its presentation of its real estate position report, the Spanish headquarters declared that the mortgage market in 2018 was contracted due to lower banking and Fiscal operations, while Infonavit is growing.
He stated that Infonavit has regained participation by focusing on middle segments. In this way, in 2016 there were 65,000 credits and 24,000 banks. By 2018 the proportion was 71,000 versus 20,000.
In amounts that occurred, in 2016 in Infonavit, according to Bancomer, 38,000 million pesos and banks amounted to 49,000 million; while for 2018 the share was 50,000 million against 40,000 million.
In addition, the institution explained that with this strategy, co-financing has also fallen, before the increased credit amount from Infonavit ceases cofinancing to be necessary.
"We consider it necessary to question whether it is necessary to have this institution participate in a market where market failures are not estimated, compete with the banks that have the lowest prices in history, even with higher interest rates. We think it's a good one momentum to rethink Infonavit's role. We do not think it should have a role in the intermediate housing areas, which are well-serviced by banks, and the state should have a housing solution for the poorest sectors, says Serrano.
The economist added that although Infonavit has increased the credit amount, the number of these has not increased significantly. "At the end of the day, the number of credits in the country did not increase, what happened is a displacement, Infonavit grants more credit, bigger amounts and the bank gives less credit," he said.
He added: "With regard to Infonavit, what to look for is to increase the number of credits that we think can be done if they focus more on families than to access affordable housing or even through these resources for pensions . "
In the last point, Serrano explained that even in connection with the review of Infonavit's role, the resources of the employee's residential sub-account could be channeled to the respective Afore, thus attempting to solve in part the problem of the pensions weighing.
"One way (to increase retirement savings) may be to distribute what is now meant for Infonavit's sub-account, to go directly to employee Afore, which we would double the savings rate. It would not solve the problem at all, but to a large extent" he said.
The boss of Bancomer explained that if the worker prefers a credit on this amount of Infonavit, against one of the cheaper banks (10.43% average interest rate at 12.5% of the public institution), it depends on the uncertainty of what may happen to your sub account saving.
"The workers, the rightful applicants, have important savings resources in Infonavit, in the sub-account, and in many cases, the beneficiaries choose to get a mortgage even if they are at higher prices because of the fear of what might happen with those resources," he said .