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Scale without Growth: INFONAVIT's Expansion in the Mexican Mortgage Market
Campos, Paulina; Lopez, Marco; Stuart, GuyCase HBS-HKS101-EFinanceAccording to a World Bank report written in 2001, "in a modern, globally integrated Mexican economy, it is hard to argue for the continued existence of an institution such as INFONAVIT." The report went on to argue that the first-best option was "closing INFONAVIT." In the same year Victor Borras and a new team of managers took control of INFONAVIT under the new PAN government of Vicente Fox. In 2005 the fund issued 376,444 mortgage loans, one an...Starting at €8.20