PACE programs hurt by Freddie/Fannie

[Matt Lucas]

From yesterday's NYTimes--looks like those senior liens that keep the
bond rate costs low for PACE programs might also get them in hot water
when it comes time to re-finance the underlying mortgages. uh oh.
There's a quote at the end from Cal's own Cisco DeVries, but nothing
from others we've heard from. Anybody have updates that the Times might
not have picked up on? Seems like the government fighting itself a
little bit--the green energy part and the housing market stability part
becoming at odds with each other.

http://www.nytimes.com/2010/07/01/business/energy-environment/01solar.html?_r=1&scp=1&sq=PACE&st=cse

[Merrian C Fuller]

The update is that residential PACE died today.  There will be more bad new about PACE next week that will make it impossible to pursue unless there is federal legislative action.
-M

On Fri, Jul 2, 2010 at 6:39 PM, Matt Lucas <matt...@berkeley.edu> wrote:

From yesterday's NYTimes--looks like those senior liens that keep the bond rate costs low for PACE programs might also get them in hot water when it comes time to re-finance the underlying mortgages.  uh oh.  There's a quote at the end from Cal's own Cisco DeVries, but nothing from others we've heard from.  Anybody have updates that the Times might not have picked up on?  Seems like the government fighting itself a little bit--the green energy part and the housing market stability part becoming at odds with each other.

http://www.nytimes.com/2010/07/01/business/energy-environment/01solar.html?_r=1&scp=1&sq=PACE&st=cse

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[Lindsay Baker]

I just wanted to say how sad this is!  It seemed like there was some real momentum there.

--
PhD Student, Department of Architecture
Center for the Built Environment, UC Berkeley

[Nick Bojda]

Any guess or feel-for how likely fed leg action is?

[Merrian Fuller]

I was told federal legislation had a 20-30% chance - but who knows....

[Alana Lemarchand]

For those of you who aren't on the Efficiency First mailing list:

http://www.efficiencyfirst.org/blog/2010/07/04/fhfa-reportedly-refuses-to-budge-on-pace-liens/

I really liked the perspective that Ken Alex gave to the perceived liability issue.  I worked with him last semester and he's good at that type of reasoning.

[Maria Stamas]

For what it's worth, this article from the Atlantic suggests that
Fannie Mae has a conflict of interest with PACE and its own patent on
a residential emissions trading platform.

http://www.theatlantic.com/business/archive/2010/07/why-is-fannie-mae-waging-war-on-solar-panels/59078/

On Jul 5, 6:42 pm, Alana Lemarchand <alemarch...@gmail.com> wrote:
> For those of you who aren't on the Efficiency First mailing list:
>

> http://www.efficiencyfirst.org/blog/2010/07/04/fhfa-reportedly-refuse...

>
> I really liked the perspective that Ken Alex gave to the perceived liability
> issue.  I worked with him last semester and he's good at that type of
> reasoning.
>

> On Sun, Jul 4, 2010 at 1:28 PM, Merrian Fuller <merrianful...@gmail.com>wrote:
>
> > I was told federal legislation had a 20-30% chance - but who knows....
>

> > On Sat, Jul 3, 2010 at 6:18 PM, Nick Bojda <nickbo...@gmail.com> wrote:
>
> >> Any guess or feel-for how likely fed leg action is?
>

> >> On Fri, Jul 2, 2010 at 10:48 PM, Merrian C Fuller <mcful...@lbl.gov>wrote:
>
> >>> The update is that residential PACE died today.  There will be more bad
> >>> new about PACE next week that will make it impossible to pursue unless there
> >>> is federal legislative action.
> >>> -M
>

> >>> On Fri, Jul 2, 2010 at 6:39 PM, Matt Lucas <mattlu...@berkeley.edu>wrote:
>
> >>>> From yesterday's NYTimes--looks like those senior liens that keep the
> >>>> bond rate costs low for PACE programs might also get them in hot water when
> >>>> it comes time to re-finance the underlying mortgages.  uh oh.  There's a
> >>>> quote at the end from Cal's own Cisco DeVries, but nothing from others we've
> >>>> heard from.  Anybody have updates that the Times might not have picked up
> >>>> on?  Seems like the government fighting itself a little bit--the green
> >>>> energy part and the housing market stability part becoming at odds with each
> >>>> other.
>

> >>>>http://www.nytimes.com/2010/07/01/business/energy-environment/01solar...

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