Connect with us

Top News

Regulators forbid Encino contractors from offering PACE loans

Published

on

Regulators forbid Encino contractors from offering PACE loans

The California Department of Business Supervision has banned the Encino contractor from offering a PACE home improvement loan, accusing the company of falsely signing the homeowner for financing which if not paid could lead to foreclosure.

The action against Eco Technology Inc., which through its lawyers denied the allegations, marked the first step the department has taken since the 2017 law provides oversight of PACE, a unique type of financing that funds repairs to energy-efficient homes and water. .

The Energy Assessed Property, or PACE program, is formed by government authorities, and most have partnered with private lenders to offer loans that are repaid through homeowner’s property tax bills.

Private lenders, in turn, rely on home improvement contractors to market loans and register people. Some homeowners accused the contractor of misleading them to take out loans they did not understand or could not afford.

In a termination and termination order issued Wednesday, the Department of Business Supervision accuses Green Technology workers of falsely telling homeowners that they are applying for a “free government program” and do not have to pay for repairs to their homes.

To settle the loan, the department accused Eco Technology of falsifying signatures from homeowners on electronic loan documents and homeowners who were emulated in a call with a PACE lender.

The order said that in at least one case, it appeared that “fraudulent IRS 1099 Forms were submitted in a financing package to increase the homeowner’s income level to meet the ‘ability to pay’ requirements.”

The ability to pay terms, together with phone calls mandated by lenders, are both part of the 2017 state legislation package that seeks to ensure homeowners understand what they are facing and can afford it.

See also  Return to Lisbon with 50 films in Portuguese

In addition to accusations of counterfeiting, the department said Eco Technology “sells products offered at inflated prices – three to five times the usual industry level – and uses high-pressure tactics to prey on most older homeowners and those who do not speak English. their main. “

Lawyers representing Eco Technology said the company denied all allegations, including that they falsified documents or the owner of the house that was being copied.

Nick Brunner of the law firm Plumtree and Associates called the department’s investigation “short” and said PACE lenders assume responsibility for ensuring homeowners understand financing.

Maria Plumtree, from Plumtree and Associates, said the price for home repairs was also determined by lenders and Eco Technology had stopped offering PACE before the order, because homeowners complained after they realized they had to pay interest – something Plumtree said Eco Technology was not aware of.

The order did not mention PACE lenders and The Times could not immediately confirm their identity.

In the past, major lenders said most consumers had positive experiences with PACE and that they had instituted reforms and taken action against contractors who were proven to misrepresent financing.

Mark Leyes, a spokesperson for the Business Supervision Department, said that although Eco Technology is no longer working with PACE lenders, the department is taking action to stop companies from working with PACE lenders in the future.

Citing contractor supervision difficulties as justification, Los Angeles County recently ended its PACE program. Even so, homeowners in this area can still access PACE funding through statewide programs if their city allows it.

See also  Boeing Is the Greatest Issue Contributor to the Dow These days. Here’s Why.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top News

The future of the oceans is in the hands of the youth

Published

on

The future of the oceans is in the hands of the youth

“It’s in the hands of the young protect the planet and especially oceans“That was the main message. Youth and Innovation Forum during United Nations Ocean Conferenceon the beach of Carcavelos, Portugal.

The presence on the beach of actor Jason Momoa, known for his roles in Aquaman and the TV series Game of Thrones, is intended to convey to the younger generation the importance of combating climate change.

At the end of this meeting, Portuguese President Marcelo Rebelo de Sousa issued a warning: “To be heard and to be important in the climate or in the oceans, they must fight and win in your name. be your main allies, but not the majority.”

UN Secretary General António Guterres gave a speech about my guilt. “Let me start with the words of the President of Portugal to apologize on behalf of my generation to your generation in connection with the state of the oceans, the state of biodiversity and the state of climate change,” António Guterres said.

The Oceans Conference will be held in Lisbon until the end of this week and will be attended by Heads of State and Government from all continents.

See also  Boeing Is the Greatest Issue Contributor to the Dow These days. Here’s Why.
Continue Reading

Top News

Thiago Monteiro in 14th and 15th before the arrival of the WTCR in Portugal – Observer

Published

on

Thiago Monteiro in 14th and 15th before the arrival of the WTCR in Portugal - Observer

Portuguese driver Thiago Monteiro (Honda) finished 14th and 15th this Sunday in the two World Touring Car Cup (WTCR) races held in Aragon, Spain, which precede the Vila Real race.

The Portuguese rider always rode in the tail, he was hindered by the fact that Honda had more excess weight than his rivals.

“If they told me that I would be in this position, I would not believe it. But the reality is that we have not been able to withstand a number of adversities. From the moment when the pace is much lower than other rivals, we are prepared in advance. It’s heartbreaking,” the Portuguese rider began his explanation after the fourth round of the championship.

The Portuguese rider struggled to find the best balance in his Civic, as did his teammate, Hungarian Attila Tassi.

THE PUB • CONTINUE TO READ BELOW

“We still had problems, and we could not reach the full potential of the car. It was very difficult, unpleasant and discouraging, especially since we are going to Vila Real and this scenario does not suit me. But we will have to continue to look for our own path and believe that everything will work out, ”Thiago Monteiro concluded.

Belgian Giles Magnus (Audi) and Spaniard Mikel Ascona (Hyundai) won both races on Sunday.

Ascona leads the league with 129 points, while Thiago Monteiro is 16th with 12 points.

The WTCR competition in Portugal will take place next weekend in Vila Real.

Continue Reading

Top News

Joao Almeida became the champion of Portugal in cycling

Published

on

Joao Almeida became the champion of Portugal in cycling

This Sunday, Portuguese cyclist João Almeida (UAE-Emirates) became the Portuguese champion in cross-country cycling for the first time, winning the elite national championships held in Mogaduro.

In his first online race since Joao Almeida was forced to pull out of the Vuelta Italia after testing positive for the coronavirus, he won his first national title since becoming time trial champion in 2021.

Almeida crossed the finish line in Mogadora, covering the 167.5 km distance in 4:08.42 hours, 52 seconds behind Thiago Antunes (Efapel) second, Fabio Costa (Glassdrive-Q8-Anicolor) third, and Rui Oliveira (UAE). – Emirates), fourth.

In the end, João Almeida stated that he was “very pleased” with the victory, admitting that the race “went very well” and thanking his teammates.

Former national champion José Neves (W52-FC Porto) did not finish the race, as did Rafael Reis (Glassdrive-Q8-Anicolor) who won the time trial title on Friday.

See also  Boeing Is the Greatest Issue Contributor to the Dow These days. Here’s Why.
Continue Reading

Trending