FHFA Action to Restrict Financing of Homes with PACE Loans Is Subject to Administrative Procedure Act Review

摘要

Federal Housing Finance Agency (FHFA) action to restrict Fannie Mae and Freddie Mac financing of homes which also have Property Assessed Clean Energy (PACE) program loans is subject to judicial review under the Administrative Procedure Act (APA), the U.S. District Court for the Northern District of California ruled. (People of the State of California, ex rel. Harris v. Federal Housing Finance Agency, Nos. C 10-03084 CW, C 10-03270 CW, C 10-03317 CW, C 10-04482 CW, 2011 WL 3794942 (N.D.Cal), August 26, 2011) Under PACE programs, state and local governments provide loans for retrofits of residential or commercial properties, with the loans to be paid off through tax assessments, and under most programs, the PACE loans acquire a priority over existing mortgages.