The State Worker

Chronicling civil-service life for California state workers

September 26, 2011
CalSTRS suspends home loan program for teachers

By Dale Kasler
dkasler@sacbee.com

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.

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About The State Worker

Jon Ortiz The Author

Jon Ortiz launched The State Worker blog and a companion column in 2008 to cover state government from the perspective of California government employees. Every day he filters the news through a single question: "What does this mean for state workers?" Join Ortiz for updates and debate on state pay, benefits, pensions, contracts and jobs. Contact him at (916) 321-1043 and at jortiz@sacbee.com.

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