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After reading this article I couldn't help but think... Why not combine these FHA loan guarantees with a PACE loan? This would certainly satisfy those meshuggeners at Freddie and Fannie right? And you're actually using the FHA program for its intended purpose more or less right? Seems worth a shot.
Do we have to wait for Solar City's IPO to bomb before the get on with fixing PACE? That seems to be the case. If only the DOJ would indict the TPO shmucks. That would send the rats packing.
The Federal Housing Administration (FHA) guarantees the approved lenders that it works with reimbursement of their loss in the event a homeowner defaults. FHA's insurance pool pays out claims to lenders and servicers of its home loans, such as banks, credit unions, mortgage companies and savings and loans. The FHA loan guarantee helps borrowers with less than perfect credit and modest incomes acquire financing for a purchase or refinance.
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