Mexican Mortgage Lender Defaults

Mortgage lender Hipotecaria Credito y Casa says that it has defaulted on MXP530.8m worth of debt, blaming the economic crisis. Of the total amount, MXP4.9m belongs to the CREYCA07 notes, MXP521m to the CREYCA 02109 notes and MXP4.8m in interest. The company says it will negotiate with creditors to obtain additional time to meet its payments.