WEST SACRAMENTO, Calif. – CalSTRS voted its 11.6 million shares against long-tenured board members John D. Baker II, John S. Chen, Lloyd H. Dean, Enrique Hernandez, Jr., Donald M. James, Cynthia H. Milligan, Federico F. Peña, Stephen W. Sanger, and Susan G. Swenson. These board members failed in their duty to shareholders to identify the weaknesses in the company’s risk and oversight mechanisms.
WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System today announced that Governor Brown has appointed Karen Yamamoto to the California State Teachers’ Retirement Board. The board oversees the retirement benefits for California’s prekindergarten–12 and community college educators covered under the California State Teachers’ Retirement System (CalSTRS).
CalSTRS has decided to suspend new mortgage originations through its Home Loan Program because current market conditions do not favor more competitive products beyond what is already available to our members on the open market.
CalSTRS remains committed to the Home Loan Program, however, current conditions make its re-launch impractical. CalSTRS is striving to offer our members unique financial products while maintaining the Home Loan Program as a viable investment vehicle for the fund. These are two vital conditions for keeping the program running.
In the fall of 2011, the CalSTRS master servicing agent and program administrator for the Home Loan Program made the strategic decision to cease mortgage originations. This prompted CalSTRS to suspend its Home Loan Program. In March 2013, CalSTRS announced the selection of California-based Mountain West Financial as its new master servicing agent and program administrator with the expectation of announcing new program offerings sometime in September 2013. We regret that this expectation cannot be met at this time due to the factors described above.
We understand our members’ desire competitive products and value the security that comes with the CalSTRS name. That is why we will continue our relationship with our partner, Mountain West Financial, while we monitor the market for opportunities to re-launch the CalSTRS Home Loan Program at some later date.
If you are a first-time homebuyer or even if you are not, but live in a federally-designated target area, you may benefit from programs offered by the California Housing Finance Agency, a self-supported state agency.
Electronic privacy is crucial for the ongoing success of the Internet as a convenient means to provide customer service. Your personal information will be used only to conduct CalSTRS-related business.
The California State Teachers’ Retirement System website has been developed in compliance with California Government Code §11135, which requires that all electronic and information technology developed or purchased by the State of California is accessible to people with disabilities. There are various types of physical disabilities that impact user interaction on the web. Vision loss, hearing loss, limited manual dexterity, and cognitive disabilities are examples, with each having different means by which to access electronic information effectively.