On December 15 the board of the California Public Employees' Retirement System will hold a meeting to discuss (among other things) the future of its mortgage program. Some mortgage bankers that fund these loans told National Mortgage News that underwriting on the loans has been tightened up and a jumbo option was killed a year ago. The program allows public employees to obtain a mortgage with just about no money down or borrow cash from their retirement account to fund the downpayment. CitiMortgage is the program administrator and gets the servicing rights. We'll be writing more about this issue next week on the NMN website. Luckily, California is in great financial shape and its employees are not at risk of losing their jobs. Right…
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