2010-08-01 — calfinder.com
"The California Energy Commission pulled its funding for PACE on Wednesday, a result of a ruling against the popular lending program by the Federal Housing Finance Agency (FHFA). Earlier this month, the FHFA issued guidelines for Fannie Mae and Freddie Mac, the nation’s two largest mortgage lenders, stating that PACE programs could not take precedence over primary mortgages. That dispute has effectively killed PACE financing for the time being."
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Ed Wright at 00:50 2010-08-02 said:
An Anal-ization of the PACE Funding Problem. As a recovering predatory lender (Mortgage Broker/Loan Officer) it is easy to understand how the entire mortgage mess is of the lending industries making. After all, the nasty, greedy lenders forced everyone to overstate their income in order to qualify for even bigger homes and payments they could not afford. Liar Loans is what they were called… and WOW did homes sell fast when easy money (home loans) were available. Home values grew rapidly when those buying could simply pull “Qualifying Income Ratios†out their proverbial Tail End. The economy boomed, and as always so did the market once home buyers found their home values worth something also up their Tail Ends. All of that has changed, as far as the home loan industry is concerned… so now in order to promote the “Sun-Shine Industry,†after putting tens of thousands out of work in the Banking, Real Estate and Building Industries, politicians want to promote “Solar Industry†jobs. (Perhaps a few hundred). To do so these same politicians that helped destroy property values want to re-work the “Loan to Value†lending ratios with a bit of their “Out of their Tail Ends†magic. The Solar Industry knows the real value of their wildly overpriced products, so they would never offer to finance their products or services themselves… so the government should further destabilize home values to do so? Obama calls it “Creating GREEN Jobs;†something like extending un-employment benefits. A little Obama magic, and “Abra Cadabra,†Sunshine is now green jobs! Jobs of any kind are a good thing, but Solar Products are not worth what we are paying for them. In this case the numbers do not support the industry we are trying to build; so we rip off home owners (and lenders, ect) with cheap “PACE†Loan funding. Once the solar junk is sold the rats will take their cheese and hide. The public gets the bill for a bunch of special interest “Green Rats.†Rats are Rats… Get Real! HEY… Politicians and PACE Scammers, pull your head out of your asses; it’s time to stop pulling numbers and bogus programs (Green or Other) out of your tail ends and address some real problems. It’s the economy stupid! Permalinkadd a comment | go to forum thread
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