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Mexican banks will not charge earthquake victims with outstanding mortgages

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Mexican banks will not charge earthquake victims with outstanding mortgages

Mexican banks will absorb mortgage loans from earthquake victims in cases where the funds paid by insurance companies are insufficient, Mario Di Constanzo said, the president of Mexico's financial consumer protection agency Condusef, Reforma reported.

He said insurance payments in 73 cases were insufficient to settle mortgage loans so far and that talks between Condusef, banking association ABM and insurance sector association AMIS concluded the outstanding balance of the loans would not be collected. The support program will run for three months, Di Constanzo noted.

"If the credit amounts to 2.2 million pesos, you had recently received it and only paid two installments and the insurer only pays you 1.5 million pesos, you still owe 700 thousand pesos. This outstanding balance will not be charged by the banks anymore and will instead be absorbed", Di Constanzo reportedly said.

As of Oct. 10, US$1 was equivalent to 18.60 Mexican pesos.