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Real Estate

Mar. 28, 2024

LA County, lender settle PACE loan fraud case for $12M

The lawsuit alleged that the program, intended to upgrade homes with renewable energy, turned into a nightmare for many families, with loans based on home equity rather than borrowers’ ability to pay, and liens allowing the county to foreclose and evict homeowners.

The County of Los Angeles and a lender for residential renewable energy projects have agreed to a $12 million settlement for homeowners targeted with predatory loans which allegedly saddled hundreds with unaffordable payments and property liens.

Anyone who signed onto a Property Assessed Clean Energy (PACE) loan with Renew Financial Holdings or Renovate America between March 1, 2015, and March 31, 2018, and had a lien recorded against thei...

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