Kirsten Grind
speaker
35 appearances
1 recordings
1 series
first heard Aug 2017
last heard Aug 2017
Kirsten Grind’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's exactly right.
You take it out to get solar panels on your roof or maybe like a new air conditioning unit or something like that.
And these loans are issued by private companies?
They are issued by private companies, yes.
So private lenders in the PACE program.
All right.
Right.
There is actually no way to track defaults in the program because of a very unusual partnership between the private lenders and local counties across the country.
So even though the private lenders are making the loans, the local governments are actually the ones collecting the payments because the loans are put on a homeowner's property tax payment.
So because of that, there's no central sort of clearinghouse.
And so there's no real true default rate.
That's exactly right.
So states have to pass legislation to enact the program, and then counties also have to pass legislation.
That's right.
Last year, in the 2015-2016 tax year, there were 225 defaults.
Now there's well over 1,000 just in the California counties I studied, which is a limited view of what's actually going on but kind of the only data we could get.
The average loan size is about $25,000.
And something odd about this program is while the private lenders are making them, the loans are actually brokered through your local repairman or contractor that might be in your house or is advertising in your neighborhood.
They're the ones that kind of sign you up for the loan, tell you about it.
And that's been one of the big problems in the program is a lot of borrowers don't really understand what they're getting into or how high their loan amounts will be.
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