Can N.J.’s public pension fund help ease Puerto Rican foreclosure crisis?
Advocates for Puerto Rican homeowners are asking that New Jersey use its considerable influence as an investor to encourage lenders to let up on their foreclosure activity on the hurricane-ravaged island.
Puerto Rico is on the verge of a foreclosure crisis, said Jim Baker of the Private Equity Stakeholder Project.
And New Jersey’s government worker pension fund has committed to invest billions of dollars in private equity firms Blackstone Group and TPG Capital, whose affiliates are foreclosing on Puerto Rican homeowners who have fallen behind on mortgage, property tax or homeowners’ insurance payments in the aftermath of Hurricane Maria, he said.
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