California AG’s green-loan lawsuit wins Placer County treasurer support
Placer County mPower program chief Jenine Windeshausen is supporting Attorney General Jerry Brown’s court battle with the Federal Housing Finance Authority over local green loans. Brown sued the federal government Wednesday, asking a judge to stop government sponsored mortgage buyers from blocking a programs like Placer County, the Associated Press reported. Established last spring, Placer’s mPower loan program has been suspended indefinitely because of opposition from Fannie Mae and Freddie Mac and their federal regulatory agency, the FHFA. Windeshausen said earlier this week that if federal roadblocks cause the program to fail, the county would be stuck with $500,000 in startup and program costs that were to have been paid back with interest from loans. The county committed $33 million from its treasury for loans. “The money would have been invested in Wall Street but instead was redirected to be invested in Main Street to create local jobs, help consumers reduce their energy consumption, increase energy independence and strengthen the environment,” Windeshausen said. Fannie Mae and Freddie Mac positions are that counties would move to the front of the line for repayments when mortgage defaults occur. They contend that they cannot guarantee mortgages when a property owner participates in a program like mPower. “We are pleased that Attorney General Brown has taken action to overturn what is an example of bureaucracy at its worst,” Windeshausen said. – Gus Thomson
|
Change Location:
|
fire Placer County mPower program chief Jenine Windeshausen
Hmmmm, Let us see here... Yesterday our Gov. passed that Great Big Financial Over-haul package to protect us from those evil bankers and financiers. Funny thing Fannie and Freddie are exempt from this new regulatory bill? Though I think the case against the Gov. is legit.... good luck as Fannie and Freddie appear to have a Gov. supported protected status after all one would not want Barney Frank and Chris Dodd to loose any of their money would you?
Did not Placer county check with the Feds to see if Fannie Mae and Freddie Mac backed loans would be possible before the program was started? If Placer county did, and had fed approval, they certainly have a case against the feds for reimbursement.
For each "green" job that Spain created, they lost 2 non-green jobs. And guess what Spain has done? They are changing their flawed policy because it was not working. A broad, diverse economy is best. Let's not put all our eggs in one basket.....
This is a money making program for Placer County. Learn something about it before you comment.
chase2you, Putting Barney Frank and Chris Dood in charge of creating the financial overhaul bill is like putting OJ Simpson in charge of creating an anti spousal abuse bill.
Good old Warren Buffet, who has contributed freely to Obama's campaigns made sure that his derivatives were not touched. Anyone notice how many meetings he had with Obama, Dodd and Frank. I understand that Soros was equally concerned. I'm sure they have been taken care of to keep those contributions coming.Jon, I agree with you, however, in this financial climate anything can turn sour very quickly.