US - The California Public Employees' Retirement System (CalPERS) programme to help pension fund members buy and refinance homes almost tripled in size last year.
CalPERS said the program's total delinquency ratio for loans securitized by the US government-backed Fannie Mae and Ginnie Mae was 2.5% compared with a California ratio of 5.2%.
It also said the foreclosure ratio for the program's securitized loans was 0.10% compared with the statewide average of 2%.
CalPERS investment committee chair George Diehr said: "The strong performance of our Member Home Loan Program reflects its more conservative, less risky loan products and tighter underwriting standards that protected it from the brunt of the industry's subprime mortgage crisis.
"This program's traditional underwriting model reflects what has now become the industry standard."
The fund said since inception of the program in 1981, more than 133,000 real estate loans had been provided to members with a total volume exceeding $21bn.
The program currently has 30 participant lenders able to originate loans for active, inactive and retired CalPERS members.
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