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Oregon invests in housing market

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The Dog

Thread Starter
Senior Member
Joined
Apr 18, 2005
Professional Status
Certified General Appraiser
State
Oregon
"Though Oregon lawmakers want to tighten state rules this month to reduce foreclosures, the Oregon Treasury wants to turn a profit off the slumping U.S. housing market.

The housing slide is bad news for homeowners in a pinch, but it provides a new opportunity for the state treasury to boost pension fund coffers.

That's why the Oregon Investment Council voted last week to sink $600 million in public employee pensions into a Texas private equity firm. Executives at Lone Star Funds say they expect 20 percent or higher returns in the "distressed" markets in the United States and abroad. "

Here is a link to the entire article

http://tinyurl.com/3a6z6w
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
"Though Oregon lawmakers want to tighten state rules this month to reduce foreclosures, the Oregon Treasury wants to turn a profit off the slumping U.S. housing market.

The housing slide is bad news for homeowners in a pinch, but it provides a new opportunity for the state treasury to boost pension fund coffers.

That's why the Oregon Investment Council voted last week to sink $600 million in public employee pensions into a Texas private equity firm. Executives at Lone Star Funds say they expect 20 percent or higher returns in the "distressed" markets in the United States and abroad. "

Here is a link to the entire article

http://tinyurl.com/3a6z6w
So they are experts at profiting when so many professionals are not.Count that 600 million in the toilet.Do you want government goofballs messing with your pension.Get ready to loose your pension and your 401K will look like a 201K..
 

The Dog

Thread Starter
Senior Member
Joined
Apr 18, 2005
Professional Status
Certified General Appraiser
State
Oregon
So they are experts at profiting when so many professionals are not.Count that 600 million in the toilet.Do you want government goofballs messing with your pension.Get ready to loose your pension and your 401K will look like a 201K..

What is really HILARIOUS is that one side the state is trying to profit, and on the other side, the Legislature in a special session this morning is talking about spending 1.5 million and making buyer education mandatory so that people will no longer get "taken" by the mortgage sharks.

Kind of like having your cake and eating it too
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
This stupid process is being played out all across the nation as towns and counties attempt to steal foreclosed properties from lenders via fiat and dubious claims of failure to maintain these homes livable complete with renters....And they anticipate that they will scarf them up on el cheapo, repaired them and sell for a profit. What you will see is the biggest boondoggle since the bridge to no where. Towns will hemmorage money and have to surrender these homes for a loss at taxpayers expense.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
This is the same company that purchased near-bankrupt Accredited Home Lenders for $300 million last year. I really thought they were crazy to pay anything for that company and all of their bad loans / fraudulent loans.

Lone Star tried to back out of the deal when Accredited started to melt down financially, but Accredited sued to force Lone Star to complete the purchase.

http://www.forbes.com/2007/09/19/accredited-lone-closer-markets-equity-cx_af_ml_0919markets39.html


Now they are back to making sub-prime loans again.


http://www.reuters.com/article/businessNews/idUSN0462511220080205

Accredited Home Lenders, a top subprime mortgage loan company in 2007 whose risky practices forced it to stop lending and slash its staff, is again reaching out to borrowers with sketchy credit even as the housing downturn deepens.

Accredited has originated about $86 million in non-prime loans since November, with $50 million of that in January.

Accredited resumed operating as a shell of its former self after its acquisition by private equity firm Lone Star Funds in October for $296 million.
 
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