DiNapoli Adds $500 Million to New York Mortgage Program
Solid Investment Also Helps Foster Stability in New York Mortgage Lending
The $129.4 billion New York State Common Retirement Fund (Fund) has committed to invest an additional $500 million in New York mortgages currently provided by Fannie Mae, State Comptroller Thomas P. DiNapoli said today.
“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. “This is good for the Fund and good for New York.”
The transaction, which was signed April 16, will bring the Fund’s total investments in New York mortgages to about $10.2 billion, DiNapoli said.
The Fund first started investing in New York-only direct mortgage pools in 1981. 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.
The Fund exists to provide benefits to more than one million state and local government police officers, firefighters, employees, and retirees. It is the third largest public pension fund in the United States.