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Mexico's Infonavit, ABM sign accord to lower interest rates for mortgages

Mexico'snational housing fund for workers, Infonavit, signed an agreement with the nationalbanking association, ABM, to reduce interest rates on mortgages.

The agreementis in the framework of coordination in recent years between private banks and thegovernment to offer more and cheaper mortgages, ABM president Luis Robles Miajasaid in a speech at Infonavit's annual meeting on April 26.

"Theagreement aims to develop financial products that translate into more and cheapercredit for the acquisition, improvement and change of housing," Robles said.

Cooperationbetween the public and private sectors, along with Mexico's recent financial reformand low inflation despite external economic shocks, has already driven interestrates for mortgages down to their lowest historical levels, which has benefitedMexican families, Robles said.

For hispart, Infonavit's director, David Penchyna, said the fund would continue to focuson serving Mexicans without access to banking products, El Financiero reported.

One infour mortgages in Mexico, or some 9 million mortgages, have been financed by Infonavit,he noted.