IESS asks affiliates to be patient

Ecuador's social security agency IESS has asked the 20,000 approved mortgage loan applicants to remain patient while a solution to implement the loans is found with local banks, local daily EL Telegrafo reported. Four month old talks between the IESS and certain Ecuadorian banks designed to determine whether the banks will participate in the handling of the agency's latest mortgage package have so far failed to bear fruit, leaving the 20,000 approved loan applicants in limbo. According to IESS board member Ricardo Ramirez Aguirre, there are elements within the terms of the mortgage program that are out of the agency's control although " the pre qualification process was our responsibility and that has been fully completed." The IESS has signed an agreement with four mutual funds (Pichincha, Benalcazar, Imbabura and Azuay) and one cooperative (Cacpeco) allowing them to administer the agency's latest lending package. Three banks (Pichincha, Machala y Solidario) returned unsigned the document outlining the terms and conditions of the agency's mortgage lending package effectively confirming their withdrawal from the project.