By Dale Kasler
CalSTRS today suspended its home loan program, temporarily cutting off a vehicle that's funded $5.9 billion worth of mortgages since its inception in 1984.
The California State Teachers' Retirement System said potential borrowers must have their applications submitted, and their interest rates locked in, by Friday.
Spokesman Ricardo Duran said the program is being suspended because Bank of America, which runs the program, is selling the unit that operates that business. Although it's CalSTRS' money that's being loaned out, "we don't have the staffing power to run the program by ourselves," he said.
Since the program began, it has made more than 43,000 home loans.