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Tricky Pension Accounting and Loan Mod Winners

Quick Picks focuses on a select few of the day's stories from "Breaking on the Web."

  • Public pension funds across the country have worked accounting magic to hide the fact that they’re "now underfunded by more than $1 trillion," and taxpayers may end up shouldering the burden of those debts, reports Bloomberg News. The Sacramento Bee got a response to the story from the California Public Employees' Retirement System -- the nation's largest public pension fund.
  • The loan modification biz is about to take off thanks to the Obama administration’s housing rescue plan, but the mortgage brokers "largely responsible for creating the disaster in the first place" may benefit more than homeowners, reports Salon.

Check out more of our roundup of the best investigative stories around the Web.

Was there a story we missed? Please keep sending us stories from your local paper, favorite blog or magazine, etc. via e-mail or Delicious.

Update: The Sacramento Bee got a response to the story from the California Public Employees' Retirement System -- the nation's largest public pension fund.

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