Update on PACE funding

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

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 theirPACE program given the delays in the pilot program and this problem with thelenders.

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/MNCI1EA8OI.DTL

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