Mexico seeks easier foreclosures, cheaper loans

FILE - In this March 11, 2013 photo, Mexico's President Enrique Pena Nieto, left, embraces President of the Democratic Revolution Party (PRD) Jesus Zambrano at an event to sign an agreement that would create two new national television channels and form an independent regulatory commission in Mexico City. Mexico's government proposed a sweeping overhaul of the banking sector Wednesday, May 8, 2013, which is supported by Zambrano's PRD. Pena Nieto said β€œThe object is ... for banks to lend more, and more cheaply.” Critics warned it could launch a wave of foreclosures like those seen in Spain and the United States, while supporters said it is needed to spur banks to lend to Mexico's credit-starved businesses. (AP Photo/Alexandre Meneghini, File)MEXICO CITY (AP) β€” Mexico's government proposed a sweeping overhaul of the banking sector Wednesday to make credit cheaper and more available, a move desperately needed in a country where bank loans represent less than 20 percent of GDP β€” one-tenth the level seen in the United States.