From UMAs Fovissste Will Restructure More Than 75 Thousand Loans

From UMAs Fovissste Will Restructure More Than 75 Thousand Loans

The ISSSTE Housing Fund started on Monday the first phase of restructuring loans granted in Units of Measurement and Update (UMAs) to pesos, with which 75,933 workers in the service of the State will benefit.

Last week, Agustín Rodríguez, executive member of Fovissste , informed President Andrés Manuel López Obrador of the plans for said restructuring in response to a demand from the beneficiaries.

“As of Monday, December 7, the program to convert UMAs to pesos begins in response to a social demand that for decades the state workers have exterminated,” he said. The program, said the Fund, represents deductions for 869 million pesos directly in the financing of borrowers, whose unpaid balance in pesos is greater than what was loaned to them.

With the COVID-19 pandemic in the background, Fovissste points out that the program “Restructuring UMAs to pesos” will give certainty to affiliates regarding the amount and payments of their mortgage financing.

How will it apply?
The program will apply through two products: “Restructuring of UMAs to Internal pesos” and “Restructuring of UMAs with Commercial Banking”, in support of 6 thousand 595 and 69 thousand 338 workers, respectively, in the first stage.

In the case of internal restructuring with the Fund, financing granted before 2007 and whose balance in pesos has not been reduced will be offered, to whom a deduction will be applied to the unpaid balance of at least 5 percent. Thus, the loan will be denominated in pesos and will accrue with a fixed nominal interest rate of 6 percent per year.

For the restructuring with commercial banks , it will be offered with the participating financial institutions to borrowers with an unpaid balance greater than the loan granted. The credits are denominated in pesos and will accrue at a preferential nominal fixed rate discounted via payroll.

Requirements
For the Restructuring of UMAs to Internal Pesos , the unpaid balance in pesos must be greater than the amount granted, that the worker is active at the end of August 2020, which has been his first financing, originated before January 1, 2007.

In the case of support with commercial banks, the financing must have at least five years of origination as of the cutoff date, be an active worker and have paid the last six months continuously via payroll.

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