Clean Energy Financier Hit By 'Deceptive Loan' Class Action

Law360, New York (March 13, 2017, 6:52 PM EDT) -- Ygrene Energy Fund Inc., which provides homeowners with financing for clean energy projects, pushed risky loans with undisclosed fees and deceived consumers about government support for the transactions, a proposed class action has alleged in California federal court.

California and Florida homeowners contend that a network of 3,200 “ill-trained and self-interested home improvement contractors” maximized profits by pushing Ygrene Energy’s Property Assessed Clean Energy, or PACE, loans on them without properly disclosing prepayment penalties and fees. The contractors also didn't tell consumers that Fannie Mae and Freddie...
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