MEXICO CITY, Aug 10, 2004 (El Universal/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- In less than a year, the banking sector reduced interest rates applied to mortgage credits by almost four percentage points, reported Oscar Levin, president of the National Commission for the Protection and Defense of Financial Service Users (Condusef). However, the official added that each time Condusef announces new figures, financial institutions wipe their figures from the board, given their fear of competition.
In a press conference revolving around the sector's new system, the official explained that the goal is to transform Condusef into an organization focused on quality control in order to encourage even more competition. He recognized, however, that to achieve this objective, legal changes involving the Commission need to be made.
Regarding the mortgage credit guidelines, Levin stressed that this will allow all offers in the segment of residential and medium-income housing to be studied by comparing financing schemes and costs.
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