The largest public employee pension fund in the United States is CalPERS. CalPERS has approximately $218 billion worth of assets. CalPERS suspended the program that offered assistance and mortgage to CalPERS members. This decision was taken as the organization observed that the members are no longer taking interest in the home loan program. This was leading to increasing costs and risks in maintaining the program. George Diehr is Chair of theCalPERS Investment Committee. He said that this change
The use of robo-signers by some of the leading banks in the US has already stirred confusions among the masses. The banks are under investigation by Attorneys General of all states. Consider a situation
Howard Cohen hasn’t paid the loan on his Tukwila (Wash.) home in a year, and when he heard in mid-September that Ally Financial’s (GJM) GMAC Mortgage unit was suspending foreclosure evictions in 23 states, it gave him hope. “Maybe I’ll stay in my house, too,” says Cohen, a 57-year-old commercial-loan broker whose business fell off after the financial crisis. Cohen was encouraged even though his mortgage servicer, Bank of America (BAC), hasn’t reported any
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