Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
AnglaisFrancais
Cours Or & Argent en

Clean Energy Fuels

Publié le 19 octobre 2015

Green financing has hobbled home sales in California

( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
0
envoyer
0
commenter
Mots clés associés :   Fannie Mae | K Street | Police | Wall Street |

Green financing has hobbled home sales in California

(Reuters) - An innovative, government-sponsored program aimed at funding energy-saving home improvements has drawn praise from powerful supporters, including President Obama. But complaints from a growing number of homeowners, lenders and realtors in California suggest the financing is making homes more difficult to sell and disrupting the mortgage market.

More than 50,000 California households have signed up for Property Assessed Clean Energy (PACE) financing since state legislators passed a law in 2008 allowing residents to borrow money for such things as solar panels and energy-efficient windows. The financing method, authorized by cities and counties, and funded  by venture capital-backed startups like Renovate America Inc, Renew Financial LLC and Ygrene Energy Fund Inc, is then paid off through special assessments on property tax bills.

Because the improvements stay with the home, and subsequent owners will reap the benefits of them, the assessments are intended to remain with the property in the event of a sale.

But some homeowners trying to sell their houses have found potential buyers scared off by the higher tax assessments. And now realtors in the state are organizing against PACE, saying it makes getting new mortgages much tougher and can leave sellers stuck in their homes.

In Riverside County, an inland part of Southern California where PACE has been particularly popular, Paul Herrera, government affairs director for two realtor groups, said he gets daily phone calls from agents reporting difficulties selling homes with PACE assessments.

Sancho Lopez, a Riverside police officer and homeowner in an adjacent county, experienced the problem first-hand. He and his wife financed the $40,000 cost of 21 dual-pane, energy efficient windows and two sliding doors with a PACE loan. When they decided to sell their house, their realtor warned them it wouldn’t be easy.

The house sat on the market for 10 months, and it is in escrow now, Lopez said, only because he has agreed to pay off the loan balance - now $46,000 because of interest and fees.

"I wouldn't ever do it again," Lopez said of the PACE program he used to pay for the windows.

MORTGAGE HIERARCHY

Banks dislike PACE loans because they take precedent over mortgage debt in the event of a default, upending a basic tenet of the market.

“There is a general principle in mortgage banking: first in time, first in line," said Pete Mills, senior vice president with the Washington-based Mortgage Bankers Association. "Taxing authorities are always a risk of jumping ahead, but that's a far different matter than a private company selling energy improvements being able to jump ahead."

Both the Federal Housing Administration and the Federal Housing Finance Agency, while saying they support energy efficiency, have not supported  the program up to now because the first lien position of mortgages is not assured.  In 2010, the Federal Housing Finance Agency directed mortgage finance giants Fannie Mae and Freddie Mac not to buy mortgages on properties with PACE liens.

That has exacerbated the problems in Riverside County, Herrera said, where most mortgages are backed by Fannie or Freddie or insured by the FHA.

The federal housing regulators’ reluctance has caught the attention of President Obama, who has said he wants the program to succeed and grow because it helps citizens participate in reducing energy consumption and greenhouse gas emissions.

In August, the White House said it will work with the Federal Housing Administration to boost adoption of PACE financing nationwide. Nearly 30 states have passed laws to enable residential PACE, but states other than California have sat on the sidelines pending a resolution to the controversy.

JOLT FOR GREEN ECONOMY

The PACE program was created at a time when California's construction sector had been hit hard by the housing crisis. A new funding source for green home improvements was seen as a way of both putting contractors back to work and helping meet climate goals.

Seven years on, supporters say the program is working. Renovate America, which has financed 90 percent of the residential PACE deals in California through its HERO program, said its 47,000 projects have created more than 8,000 jobs and reduced carbon dioxide emissions by an amount equal to taking 330,000 sport utility vehicles off the road for a year.

Wall Street also likes it. Investors have snapped up hundreds of millions of dollars of bonds backed by PACE projects, which are regarded as low risk because they enjoy priority over a mortgage.

Renovate America has raised more than $600 million through bond sales over the last two years.

“PACE is the only financing that allows the seller to transfer the remaining debt to a new buyer," Renovate America spokeswoman Ellen Qualls points out, noting that even under current federal policy, about 45% of home sellers with PACE financing from her company have been able to pass the assessments on to new buyers.

It's difficult to quantify how many homeowners have had difficulty selling their homes since real estate agents don't keep data on deals that don't happen, Herrera said.

Rich Simonin, owner of Westcoe Realtors, a Riverside County real estate company that sells about 700 homes a year, said PACE assessments pose challenges in about 5 to 10 percent of his deals.

Renovate America has responded to criticism from realtors and others by improving disclosures in its contracts and creating a division focused on resolving issues with home sales.

"I'm not a realtor. I'm a software guy," McNeill said. "When you create something you tend to not know 100 percent about where you are going to go until you get feedback."

Renovate has also started allowing homeowners who ask – generally when trying to refinance or sell - to subordinate their assessments through a separate contract. But if subordinating PACE liens becomes the industry norm, providers argue that could hurt the credit quality of their securities and raise borrowing costs when they issue bonds.

In the meantime, people continue to be caught in the middle.

Steve Lista used Riverside County's PACE program to pay for a nearly $27,000 prepaid lease of solar panels for his Eastvale home. The account manager for an automobile auction company put his 5-bedroom house on the market in June, but despite receiving at least six offers couldn't find a buyer willing to take on the $3,000-a-year assessment.

"No one was comfortable taking over the terms," he said.

Lista, who had hoped to sell his home to pay off some debt, took his house off the market last week.

(Reporting by Nichola Groom; Additional reporting by Will Caiger-Smith; Editing by Terry Wade and Sue Horton)

Lire la suite de l'article sur finance.yahoo.com

Clean Energy Fuels

CODE : CLNE
ISIN : US1844991018
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
ProfilIndicateurs
de Marché
VALEUR :
Projets & res.
Communiqués
de Presse
Rapport
annuel
RISQUE :
Profile actifs
Contactez la cie

Clean Energy est une société basée aux Etats-Unis D'Amerique.

Clean Energy est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 367,1 millions US$ (343,1 millions €).

La valeur de son action a atteint son plus haut niveau récent le 05 septembre 2014 à 9,99 US$, et son plus bas niveau récent le 13 mars 2020 à 1,05 US$.

Clean Energy possède 151 085 558 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
 
Dans les médias de Clean Energy Fuels
01/11/2017Clean energy a boost for copper demand — ICA
18/07/2017Clean energy transition to increase demand for minerals — Wo...
06/07/2017Clean energy shift a plus for mining – think tank
13/12/2016Bill Gates bets on clean energy with $1 billion fund
24/02/2011Clean Energy Commodities: The Answer To Middle Eastern Oil
16/06/2009Gas Attack: Coal (And Clean Energy) Under Assault From Cheap...
Rapports Financiers de Clean Energy Fuels
15/07/2016Retires 2016 Debt
Communiqués de Presse de Clean Energy Fuels
15/07/2016Clean Energy Fuels Corp. Retires 2016 Debt with Stock and Ca...
30/06/2016Opens Public CNG Station in Houston
14/06/2016Clean Energy Introduces Groundbreaking New CleanCNG™ Compres...
02/05/2016Wins LNG Deal with Hawaii Gas Signs Additional Contracts
29/12/2015How it All Plays Out - Analyst Notes on Groupon, Clean Energ...
18/12/2015Clean Energy Welcomes Passage of Alternative Fuel Tax Credit...
17/12/2015EXCLUSIVE: Solar Tax Credit To 'Undoubtedly' Spur Demand And...
16/12/2015Fuel Cells and Solar Energy: Future Forms of Energy
05/11/2015Clean Energy Fuels reports 3Q loss
05/11/20154:13 pm Clean Energy Fuels beats by $0.05, misses on revs
05/11/2015Clean Energy Reports 80.6 Million Gallons Delivered and Reve...
05/11/2015Cheap diesel deals big setback to natural gas truck sales
03/11/2015Clean Energy Provides Bunkering Services and Fuel to World's...
03/11/2015Clean Energy Provides Bunkering Services and Fuel to World’s...
30/10/2015A Primer on Alternate Energy ETFs
19/10/2015Clean Energy to Report Third Quarter 2015 Financial Results ...
19/10/2015Green financing has hobbled home sales in California
19/10/2015Innovative green financing has hobbled home sales in Califor...
15/10/2015International Paper Extends Natural Gas “Virtual Pipeline” C...
09/10/2015After-Hours Moves Led By Orexigen Therapeutics, EMC, Clean E...
15/09/2015Mid-Morning Market Update: Markets Gain; Gray Television To ...
12/09/2015T. Boone Pickens Trade Highlights the Past Week’s Insider Se...
11/09/2015Clean Energy Co-Founder T. Boone Pickens Remains Bullish on ...
11/09/2015Clean Energy to Build New CNG Stations for Multiple Transit ...
26/08/2015Clean Energy Fuels Plans to Construct Multiple CNG Stations
25/08/2015Solar Stocks: 'Thanks Obama'
25/08/2015Clean Energy to Build New CNG Stations for Multiple Transit ...
08/08/201510-Q for Clean Energy Fuels Corp.
06/08/2015Edited Transcript of CLNE earnings conference call or presen...
05/08/2015Clean Energy Fuels reports 2Q loss
05/08/20154:10 pm Clean Energy Fuels misses by $0.02, misses on revs
05/08/2015Clean Energy Reports 74.4 Million Gallons Delivered and Reve...
30/07/2015Clean Energy CEO Applauds Congress and President Obama for P...
16/07/2015Big Blue Bus, Fueling a Renewable Future One Bus at a Time
09/07/2015Clean Energy’s Refuse Business Continues to Drive Growth
07/07/2015Clean Energy to Report Second Quarter 2015 Financial Results...
03/07/2015ALLETE Clean Energy Acquires Wind Farm in Pennsylvania - Ana...
30/06/2015Clean Energy Beats the Market
22/04/2015NG Advantage to Provide Compressed Natural Gas via “Virtual ...
22/04/2015Green ETFs & Stocks for Earth Day - ETF News And Commentary
22/04/2015CERAWEEK-Natural gas trucks to grow despite diesel price dro...
17/04/2015ALLETE (ALE) Unit Buys 97.5 MW Wind Farms in Minnesota - Ana...
14/04/2015Clean Energy to Open Four New Natural Gas Fueling Stations; ...
10/04/2015Clean Energy to Report First Quarter 2015 Financial Results ...
01/04/2015Residential Sector’s Sluggish Demand Is Pressuring Natural G...
31/03/2015Raven Transport to Deploy 115 Additional Heavy-duty LNG Truc...
18/03/2015Greener Days Ahead for Clean Energy ETFs? - ETF News And Com...
12/03/2015Clean Energy Opens Newest Public Natural Gas Station in Orla...
26/02/2015Clean Energy Fuels beats 4Q profit forecasts
26/02/2015Clean Energy Reports Gallons Delivered and Revenues Rose 30%...
02/02/2015Clean Energy to Report Fourth Quarter and Year End 2014 Fina...
02/02/2015Clean Energy to Report Third Quarter 2014 Financial Results ...
23/10/2014Clean Energy Fuels tops Street 3Q forecasts
24/04/2014Clean Energy Opens Latest Florida Compressed Natural Gas Sta...
12/12/2013NextEra Energy's Corporate Responsibility Report details bil...
03/10/2013Introduces Redeem Renewable Natural Gas for Transportation
24/09/2013Follow Me on Twitter! Clean Energy Fuels' CEO Andrew Littlef...
17/06/2013Clean Energy Releases Fourth Edition of Road to Natural Gas
20/03/2013Clean Energy and Westport Announce Joint Marketing Program
13/11/2012Clean Energy Partners with GE to Expand 'America's Natural G...
01/08/2012Clean Energy Launches "The Road to Natural Gas"
27/02/2011to Fuel New UPS LNG Regional Truck Fleet
28/04/2008California Public Utilities Commission Raises Clean Energy I...
Publication de commentaires terminée
 
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
NASDAQ (CLNE)FRANKFURT (WIQ.F)
2,43+8.00%2,06-0.44%
NASDAQ
US$ 2,43
26/04 17:00 0,180
8%
Cours préc. Ouverture
2,25 2,25
Bas haut
2,24 2,46
Année b/h Var. YTD
2,21 -  3,80 -36,05%
52 sem. b/h var. 52 sem.
2,21 -  5,15 -41,87%
Volume var. 1 mois
1 965 230 -7,60%
24hGold TrendPower© : -27
Produit
Développe
Recherche
 
 
 
Analyse
Interactive chart Add to compare
Graphique
interactif
Imprimer Comparer Exporter
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
LES PLUS LUS
Variation annuelle
DateVariationMaxiMini
2024-40,59%
2023-21,35%6,103,84
2022-20,97%8,654,02
2021-16,28%9,9110,01
2020263,89%8,981,05
 
Graphique 5 ans
 
Graphique 3 mois
 
Graphique volume 3 mois
 
 
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
7,70 AU$-0,65%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 CA$+4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
12,26 US$+2,68%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
0,53 GBX-1,87%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,06 CA$+0,00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
2,64 CA$-1,86%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
16,23 CA$+4,04%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,24 CA$+4,26%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,20 AU$+2,63%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
1,88 CA$+0,53%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
52,71 US$+0,19%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,04 AU$+5,56%Trend Power :