INFONAVITInstituto del Fondo Nacional para la Vivienda de los Trabajadores (México)
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Until recently, INFONAVIT loans represented more than double the market share of FOVI.
INFONAVIT (Instituto del Fondo Nacional de al Vivienda para los Trabajadores) is a combination low-cost mortgage fund and pension plan program for employees of all private companies.
For more information please refer to the press release titled 'Fitch califica 'AAA(mex)' bursatilizacion de creditos hipotecarios INFONAVIT Total - CDVITOT 11U'.
BMV: GEOB; GEOB: MM, ADR Level I CUSIP: 21986V204; Latibex: XGEO), Casas GEO, Mexico's leading affordable entry level housing developer, has again received INFONAVIT's annual award for the third consecutive year as the homebuilder originating the most housing credits through INFONAVIT in 2010.
For more information please refer to the press release titled 'Fitch califica 'AAA(mex)' a la tercera emision del programa INFONAVIT TOTAL'.
A recent example of integration was a 1992 constitutional amendment to change the focus of INFONAVIT and FOVISSSTE from housing construction agencies to housing banks.
This year, the government will continue working on the development and implementation of subsidies public policies, the promotion of sustainable projects, the assistance of non-affiliated workers and the implementation of the INFONAVIT reform, by which the subsequent mortgage will increase financing alternatives for the private sector.
Financing agreement successfully concluded with the project partner INFONAVIT
As of today, Fitch rates 24 INFONAVIT sponsored transactions under the CEDEVIS program, all senior notes are rated 'AAA(mex)', and are backed by 'INFONAVIT Tradicional' mortgage loans.
In terms of yearly mortgage production, the market has grown significantly from 341,928 in 2000 to 842,000 in 2009 (146% increase) INFONAVIT and FOVISSSTE are responsible for allocating on a yearly basis approximately 450,000 and 100,000 new mortgages respectively.
0% of INFONAVIT's market share, the largest of the homebuilding peers; 83% of GEO's 13,020 homes titled this quarter were titled through INFONAVIT.
As of February 2011, INFONAVIT has issued a total of 27 CEDEVIS transactions in the local market, of which 22 are rated by Fitch.