Oregon PERS and Lone Star to Cash in on Foreclosures

July 24th, 2009 | by admin |

While the Oregon legislature, including State Treasurer candidate Ben Westlund, was meeting to discuss mortgage reforms to prevent foreclosures on Jan 30, the same day Oregon PERS approved a $600 million investment in Lone Star, a highly successful forecloser. See actual brief clips from the meeting, including comments from John Grayken, CEO of Lonestar, who noted their strategy is to “play this situation with a focus on residential subprime,” a key related strategy to aggressively go after the underlying collateral.” He added that their purchases of distressed bank portfolios often gives them the rest of the bank for free, what he called “cream.” Are you listening Ben Bernanke, Federal Reserve Chairman, and Henry Paulson, Secretary of the Treasury?

Duration : 0:7:40

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