The FHFA just issued a white paper saying that they are instructing Fannie Mae, Freddie Mac, etc. to tighten their grip on any loans that have a PACE lien on them. Link to FHFA Statement below. At heart is the
issue that these lending institutions are concerned about PACE liens having
first priority over the mortgage. Many feel that this will have a significant
chilling effect on PACE. Nationally, a diverse group of folks (including our
Governor) are asking for a legislative solution to the problem -- so more to
come.



Mike Marcus at Renewable Funding has said that there is no longer a date certain for getting cities to opt in to the 2nd phase of their PACE program given the delays in the pilot program and this problem with the
lenders.



From: http://www.fhfa.gov/webfiles/15884/PACESTMT7610.pdf



Also in the SF Chronicle today: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/07/07/MNCI1EA...

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Comment by Tina King Neuhausel on July 13, 2010 at 8:06am
Thanks for the update Rachel!

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