Fannie Mae, Freddie Mac sued by California (for blocking green financing programs around the state)

[kpete]

Source: McClatchy



* Posted on Thursday, July 15, 2010

Fannie Mae, Freddie Mac sued by California

By Rick Daysog | The Sacramento Bee

California Attorney General Jerry Brown sued federal mortgage lending giants Fannie Mae and Freddie Mac for blocking green financing programs around the state, saying the agencies' actions put more than $100 million in federal stimulus funding at risk.

In a filing in U.S. District Court in San Francisco on Wednesday, Brown said the federal housing agencies have effectively shut down the programs, which provide homeowners with financing for solar panel installations and other energy retrofits.

The move has forced clean energy companies to lay off workers and is hampering the state's economic recovery, the suit said.

"As the nation struggles through the worst recession in modern times, California is taking action in federal court to stop the regulatory strangulation of the state's grass-roots program that is spreading across the country," Brown, the Democratic nominee for governor, said in a news release.




Read more: http://www.mcclatchydc.com/2010/07/15/97553/fannie-mae-freddie-mac-sued-by.html#ixzz0tlFIJVmy

[defendandprotect]

1. Fannie and Freddie are also still looking for 8 Billion in bailouts???

Or have we slipped that to them already?

[Hell Hath No Fury]

2. Wooohoo!!!!

Fantastic news! I was sooo pissed off when word first came the brakes were being put on the Green Financing program. :mad:

This is an incredibly important program that my State needs -- kudos to Jerry for stepping up on this and I hope the State wins this one.

[Liberty Belle]

3. Video of press conf; this was great - lots of local SD officials lined up in support including

our Republican Mayor, Jerry Sanders, and 2 GOP Supervisors, as well as Democratic legislators. In San Diego, even many conservatives are seeing the light and the dollar signs when it comes to being a leader in clean green-tech energy.

Here's our story: http://www.eastcountymagazine.org/node/3799

[RUMMYisFROSTED]

4. Governor Sunbeam?

:think: