So it seems that 4 public Mexican building firms found a loop hole in the system: they have been declaring for some years an approximate 20 to 25% more in sales than what they were really selling. The story goes like this: for the past 3 or 4 years we have been bombarded with sale specials that only ask a minimum sum of $500 pesos (42dlls) as down payment on a new house. Many have taken the offer. But the thing is that those 42 dlls you put down was being reported as a complete sale, that is, approximately $300,000 pesos, -$23,076dlls- (even before the final property papers have been issued) depending on the house. So to the Mexican stock market, these firms were having good sales, ensuring with this liquidity and more investment. Now the "Comisión Nacional Bancaria y de Valores" has ordered them to regulate their books by 2010. WTF. They are letting them do whatever they want for now but should "fix" things by 2010. Again we see how twisted world we live in, where the wrong doers get off with a little spank on the butt!
Even with the world finacial meltdown Infonavit will give 800,000 credits for buying or remodeling houses in 2009! And so the beat goes on...
More info here and here.
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