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Administration May 6, 2010
New York Pension System Ups Investment in Fannie Mae Mortgages
May 6, 2010 (PLANSPONSOR.com) - The $129.4 billion New York State Common Retirement Fund has committed to invest an additional $500 million in New York mortgages currently provided by Fannie Mae.
Reported by Rebecca Moore
The transaction, which was signed April 16, will bring the Fund’s total investments in New York mortgages to about $10.2 billion, according to a news release from the office of State Comptroller Thomas P. DiNapoli.
The Fund first started investing in New York-only direct mortgage pools in 1981. The news release said investing in mortgages originated in New York State encourages banks to lend to New York State residents.
The mortgages are triple-A rated and the investments adhere to Fund’s overall fixed income strategy.
“This is a great way to get a solid fixed-income investment for the Fund while at the same time promoting lending for New York homebuyers,” DiNapoli said in the news release.