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
The initial interest rate can be anywhere from 5% to 12%.
However, if you default, it starts accruing rapidly in California at 18% a year.
How many loans total have been made?
Again, they don't even release that number, but our sort of back of the envelope math, it's about $4 billion in total volume nationwide, which is about 160,000 loans.
The odd thing is, though, when you're in default in this program, you're actually in danger of losing your house because you've defaulted on your entire property tax payment.
So that means that the county can actually take over your entire house within five years of your default, even though the actual loan amount in the PACE program is small.
I mean, I think it's all of the above.
The appetite for these bonds from the loans has been increasing rapidly, and investors love the loans.
The biggest problem, I think, is there's virtually no oversight of the lending program, even though it's growing so fast.
There's sort of patchwork state oversight there.
Now, a bipartisan group of legislators on the Hill is trying to change that.
There's been a bill introduced to regulate these loans like mortgages, but obviously the lenders are fighting that extensively.
Absolutely.
They can get out of the program, and more and more are, not just Kern County.
There's been several others in California that have just gotten out of the program.
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