Allentown Morning Call (PA) (03/24/08); Davenport, Jim
Due to the subprime mortgage boom going bust, mortgage-related investments have become cheap enough that they are enticing some pension funds to buy. Retirement systems in Pennsylvania and South Carolina are among the buyers of these securities, wagering that they have been hit so hard that those with good credit could eventually produce strong returns. Pennsylvania turned a profit off these securities' woes in its hedge funds during 2007 and is now betting they can yield long-term returns. Maryland, meanwhile, is turning its attention to REITs. John Greenberg, acting chief investment officer for the Maryland Retirement and Pension System, states, "We're going to increase our position in overall real estate and since we're doing that and REITs are part of our real estate portfolio, we're definitely going to increase our position in REITs."
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