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BBVA Bancomer, the largest bank among those operating in Mexico, has reacted to Infonavit's market share with banks since the public body decided to increase its credit to beneficiaries to just over one million 600 thousand pesos.
On Wednesday, Carlos Serrano, chief economist of BBVA Bancomer, even felt that the next administration should rethink the role of the public housing institute.
"We think it would be very fortunate for the new administration to consider the role of Infonavit," he said.
In the presentation of its report on the real estate situation, the Spanish capital bank explained that in 2018, the mortgage market had contracted due to a weaker activity of banking and business. of Fovissste, while Infonavit was growing.
He said Infonavit had resumed its stake by focusing on the middle segments. Thus, in 2016, 65,000 credits were created and 24,000 were put in banks. in 2018, the proportion was 71,000 against 20,000.
According to Bancomer, the initial amount in 2016 was 38 billion pesos in banks and 49 billion banks in Infonavit; while for 2018 the proportion was 50,000 million against 40,000 million respectively.
In addition, the institution explained that this strategy had also given way to co-financing, because before the increase of the credit amount by Infonavit, co-financing was no longer necessary.
"We think that it is necessary to ask if it is necessary for this institution to participate in a market where market failures are not apprehended, in competition with the banks that display the lowest rates of interest." history, even at higher rates.We think the time has come to rethink the role of Infonavit; we do not think it should play a role in the average residential segments, which are well served by banks, and that the state should have a housing solution for the poorest sectors, "Serrano said.
The economist added that although the Infonavit has increased the amount of credits, their number has not increased significantly. "In the end, the number of credits granted in the country has not increased, it is about a displacement, the Infonavit grants more credits, one more higher amount, and the bank grants fewer credits, "he said.
He added: "In the case of Infonavit, one should seek to increase the number of credits, which we believe could be done if they focus their efforts on families rather than d & # 39; access affordable housing or even use these resources for retirement. "
On this last point, Serrano explained that, in the context of the review of the role of Infonavit, the resources of the worker's housing sub-account could also be routed to the concerned Afore, which would solve partly the problem of corruption. the pensions that are looming.
"One way (to increase savings for retirement) could be to affect what is now going to the Infonavit sub – account, to go directly to the. Afore the worker, with which we would double the rate of savings.This would not solve the problem at all, but to a large extent, "he said.
The chief economist of Bancomer, explained that if the worker prefers a credit of this amount of the infonavit against one of the banks that is cheaper (average interest rate of 10.43% against 12.5% of the public institute), it is because of the uncertainty of what could happen with the savings of your sub-account.
"Workers, rights holders, have significant savings in the Infonavit, in the sub-account, and in many cases, the beneficiaries choose to get a mortgage even if it is at a higher rate, out of fear what could happen to these people, "he said.
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