The new California Personal Employees' Old-age System, hence put from the $1 million to your a difficult home deal, is actually negotiations to keep a related loan standard out of flipping into the a case of bankruptcy.

CalPERS, the nation's biggest societal retirement funds, as well as couples gotten a controlling interest in fifteen,000 miles out-of undeveloped land in the fresh Santa Clarita Valley very early just last year, before crisis on the housing industry. , are appraised at the $dos.six billion at the time of the fresh new CalPERS capital however, possess decrease more in worth since that time.