15 Jun '12, 10pm

FHFA

After effectively suspending residential PACE energy efficiency and renewable energy municipal financing programs in 2010 and then being taken to federal court and required to do a revised rule making, the Federal Housing Finance Agency (FHFA) released its revised ruling on PACE programs [pdf] today. Did they repent from their 2010 assertion that PACE presented a risk to mortgage holders like Fannie Mae and Freddie Mac? In short, no. The ruling states: The Enterprises shall immediately take such actions as are necessary to secure and/or preserve their right to make immediately due the full amount of any obligation secured by a mortgage that becomes, without the consent of the mortgage holder, subject to a first-lien PACE obligation… The Enterprises [Fannie and Freddie] shall not purchase any mortgage that is subject to a first- lien PACE obligation… The Enterprises shall n...

Full article: http://www.ilsr.org/fhfa-finally-releases-pace-ruling-rep...

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