Sheinbaum: Infonavit Loan of 104,000 Pesos Grew to Over a Million
Sheinbaum showed Infonavit and Fovissste mortgages that kept growing after years of payments and said the debts are now cleared. Figures and what comes next.
A worker who borrowed 104,000 pesos from a federal housing fund paid back 338,000 pesos and still owed more than 1 million pesos, President Claudia Sheinbaum said Sunday, Nov. 8. She told the crowd that the debt has since been cleared, along with several others like it.
Sheinbaum used the cases to attack how Infonavit (the federal housing fund for private-sector workers) and Fovissste (the housing fund for state employees) lent money under earlier governments. She spoke at a home handover in Tuxtla Gutiérrez, Chiapas, according to Publimetro México and Expansión Política.
Loans That Grew While Borrowers Paid
The president named three borrowers and gave their numbers:
- Patricia Cervantes Pastrana took out 104,000 pesos, paid 338,000 and still owed over 1 million pesos.
- Francisco Toledo Castellanos borrowed 79,000 pesos, paid 231,000 and still owed 173,000.
- Alfredo Verdugo borrowed 73 thousand pesos, paid 390 thousand and still had a balance of 910 thousand.
All three balances are now zero, Sheinbaum said. Reports differ slightly on Toledo’s remaining debt: in a quote carried by Expansión Política she put it at 179,000 pesos, while both outlets report the figure as 173,000.
She described the old system as “pure usury,” saying the funds approved credit that private builders used to sell homes of about 40 square meters, far from jobs and schools, with commutes of up to two hours. Neither fund built social housing during those years, she said.
What It Means for Infonavit Borrowers
The cases come from a wider restructuring of loans the government calls impossible to pay off. By official figures released in September, Infonavit had restructured 4 million 856 thousand such loans. Of those, 536 thousand were paid off in full. The other 4 million 320 thousand got lower balances, lower interest rates or fixed monthly payments.
That means most borrowers in the program did not have their debt cancelled. They still pay, under new terms. Infonavit has an official online tool where holders of loans signed before May 2021 can check whether their mortgage was changed.
Critics Say Debt Relief Hurts the Funds
Critics argue that cutting or forgiving mortgage debt drains Infonavit and Fovissste and encourages borrowers to stop paying. Sheinbaum rejected both points. She said it is false that Mexicans skip debts they owe, and that the changes only fix charges she considers excessive. She also said both institutions now have more money, though she gave no financial figures to back that claim, Publimetro reported. She blamed criticism of the new homebuilding model on “those who used to steal.”
Housing for Well-Being Targets
At the same event, Sheinbaum repeated the goals of Vivienda para el Bienestar (Housing for Well-Being), the federal program that hands out the new homes. It aims to build 1.8 million new homes, mostly for lower-income families. The government also says it will reach 12 million families over the six-year term through construction, home improvements, loan restructuring and property title regularization, so that figure is not a count of new houses.
According to a September report from Sedatu (the federal agrarian, land and urban development ministry), contracts had been signed for 667 thousand homes and 277 thousand were under construction.
Sources: Expansión Política, Publimetro México
