Press Releases

IFC Invests US$10.5 Million in Mexico's Leading Mortgage Bank, 'Hipotecaria Su Casita'

Adriana Gomez
Phone:  (202) 458-5204

Fax:  (202) 974-4384


Washington DC. September 24, 2001─The International Finance Corporation, the private sector arm of the World Bank Group, invested US$10.5 million to acquire a minority stake in Hipotecaria Su Casita, one of Mexico’s leading mortgage banks.

“Su Casita,” Mexico’s second largest Sofol, was established in 1994 by Josť Manuel Agudo, a former Banamex official, and Manuel Campos, a graduate of MIT’s Sloan School of Business.  In 1995, Pulte Mortgage Corporation, the second-biggest U.S. homebuilder, became shareholder in Su Casita.

Mexico’s mortgage banks, or SOFOLes, are expected to play a key role in President Vicente Fox’s plan to create 750,000 new housing units per year in Mexico by 2006, up from the 250,000 that were built in 2000.  The SOFOLes were born in 1994 and stepped into the void created when Mexico’s commercial banks abandoned the mortgage market after the 1994 financial crisis.  By the year 2000, Mexico’s 15 mortgage SOFOLes were originating over 95 percent of all mortgage loans provided by private sector lenders in that country.

Bernard Pasquier, IFC Director of Latin America and the Caribbean, said that “IFC’s investment is part of a larger strategy to help develop the mortgage markets in Mexico, which will bring clear benefits to the lower middle class families in the country.”

Su Casita operates from 56 locations throughout Mexico and has a portfolio of over $1 billion in loans.

Roger Pastore, President of Pulte Mortgage Corp. said that ” IFC’s investment is a vote of confidence in the future of Su Casita and in the future of the Mexican mortgage market.”  He added that “IFC’s financial strength and experience will be invaluable as Mexico strives to develop the capacity to finance the country’s housing needs.”

IFC has also agreed to buy the subordinated portion of a mortgage-backed bond issue recently sold by Su Casita, the first of its kind in Mexico.  The bonds channel funds from institutional investors- pension funds and insurance companies-to mortgage loans made to individual borrowers.  The IFC purchase of subordinated bonds makes it possible for Su Casita to increase the volume of such bond sales in the future.

Manuel Campos, Vice President of Su Casita said that “the goal of the SOFOL industry is to make financing available to every Mexican family that wants to buy a home.”  “Our challenge–he added-is to build the bridge between capital markets and homebuyers, and with the IFC on our team, we are sure to reach that goal much sooner.”

The mission of IFC ( is to promote sustainable private sector investment in developing countries, as a way to reduce poverty and improve people’s lives.  IFC finances private sector investments in emerging markets, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.

Pulte Homes, Inc., ( based in Bloomfield Hills, Michigan, has operations in 44 markets across the United States, Argentina, Puerto Rico and Mexico, where it is the fifth-largest builder.  Pulte Mortgage Corporation is a nationwide lender committed to meeting the financing needs of Pulte Homes’ customers by offering a wide variety of loan products and superior customer service.
Manuel Campos
Vice President
Hipotecaria Su Casita
Phone: 525 481-8306