Here is the email they sent me after my very negative email sent to them:
“In response to media reports about risky collateralized debt obligations
(CDOs), or packages of securities backed by bonds, mortgages and other
loans. There have been related news stories about borrowers defaulting
on loans to put these investments at risk. At least one article
suggested that banks who sold these securities to CalPERS were trying to
put something over on us.
Here is our response:
CalPERS owns $140 million in CDOs. The facts are:
1. None of these CalPERS investments are tied to the sub-prime market
that is having problems.
2. These investments are top-rated bank loans that are doing extremely
well.
3. Our CDO investment represents less than .1 % of CalPERS assets. There
are plans to expand our investment in this area in about 1-2 years. It
requires a big quantitative effort which we hope to build over the next
few years. We have purposely kept this program small until we get those
capabilities. We are collecting data and will forward information as it
is completed.
4. We are well protected and not at risk. We are not exposed to the Bear
Stearns meltdown.
Clark McKinley
Information Officer
CalPERS Office of Public Affairs
916/795-4196; fax: 916/795-3507”
Hope you close that thing. People will buy all through this “cycle” and I wish all the RE people on this board the best of success and to wait out the tons of RE people leaving every day.
Hope you close that thing. People will buy all through this “cycle” and I wish all the RE people on this board the best of success and to wait out the tons of RE people leaving every day.
That’s why you only want to do foreclosures. You only deal with those investors that invite you over for blow (cocaine for u non street smart people), cash on the table wrapped with a rubberband, and firearms for that fantastic deal signing event.
That’s why you only want to do foreclosures. You only deal with those investors that invite you over for blow (cocaine for u non street smart people), cash on the table wrapped with a rubberband, and firearms for that fantastic deal signing event.
I really think they were dying to throw it away. Who would actually invest in that mess? I hear you SD R as I say (almost daily) to “bring on the recession already”. If we need to have it I’m game as I saved 03-07 while the majority not only didnt save, but debted it up.
I told the wife last night, “someone can’t sleep right now and is hanging on as long as possible in our house we are goina buy”. Sick ey?
I really think they were dying to throw it away. Who would actually invest in that mess? I hear you SD R as I say (almost daily) to “bring on the recession already”. If we need to have it I’m game as I saved 03-07 while the majority not only didnt save, but debted it up.
I told the wife last night, “someone can’t sleep right now and is hanging on as long as possible in our house we are goina buy”. Sick ey?
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