CalPERS Suspends Their Mortgage Loan Program
This week, the Board of the California Public Employees' Retirement System (also known as CalPERS) approved to suspend the program that offers mortgages to its members. They cited limited usage and increasing costs as a few of the reasons for suspending the program. Since 2004, the program has only done 1,000-4,500 loans a year which isn't that many considering CalPERS has 1.6 million members and retirees. Those who currently are in the process of receiving a home loan through CalPERS have 3 months to fund. For more information, please click here.