John Oliver Condemns Predatory Government Home Improvement Loans – Deadline

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After lightly roasting Russian President Vladimir Putin at his press conference at the Geneva Summit, Last week tonight presenter John Oliver has focused on Japan’s efforts to meet the 2020 Olympics schedule next month, despite criticism from many of its citizens.

The country has achieved a nationwide vaccination rate of just 6%, which, according to Oliver, “should be higher than the number of entries into the country. Fast and furious franchise “for the Olympics.

Although the country has already spent $ 15.4 billion and government audits show that this figure could be significantly higher, the decision to end the Olympics is not entirely up to Japan. The right to cancel the Games appears to belong exclusively to the International Olympic Committee.

“It will be like having your child get the flu and you tried to reschedule his birthday just to get rejected by the clown you hired,” joked Oliver.

Oliver took some time to remind viewers that hosting the Olympics is a bad idea for any city.

“While I sincerely hope for everyone that this works, you can’t help but feel that the main motivator in this event is money. It’s worth it? Oliver asked.

After a quick cut from the Westminster Dog Show this year, Oliver moved on to his main segment of the episode: PACE funding.

PACE Funding, which stands for Clean Energy Financing with Property Valuation, is a multi-state program that helps low-income families renovate their homes to improve energy efficiency. PACE, which moves to states such as New York and Ohio, was introduced in 2008 by President Obama to ease the financial burden of home renovations.

Oliver took some time here to emphasize that all viewers born after 1985 should stop watching this episode immediately, as they will never own a home due to the multitude of economic conditions.

“If you are under 35, you can skip this story. Take on a 15-year-old on TikTok for the coolest way to part. Life is sad, and that’s okay, ”said Oliver.

PACE funding works by covering all upfront hard and soft home renovation costs. PACE expenses are then reimbursed against the homeowner’s property tax bill for up to 30 years. The logic is that the savings in energy costs over this period will ultimately offset the tax increases. In a sense, the renovation pays off.

Oliver said that while the government program is well-intentioned, such private companies have ruined its efforts, leading to people losing their homes. “When PACE loans go wrong, they go very badly,” hummed a serious Oliver.

A news clip was shown of how a Gulf area homeowner took advantage of a PACE-funded contractor who continually offered new home improvements. The homeowner said his mortgage payments were up $ 600 and he began to consider the issue of homelessness.

He noted troubling points in the details of the PACE program, such as the fact that contractors in charge of planning and construction are also arranging funding.

“Think for a moment what that means,” Oliver said. “The people responsible for promoting a very complex financial product – a pseudo-loan, which is technically a tax lien – are contractors whose training is not related to finance. There is no judgment here. People are taught different things. For the same reason, you do not ask the banker to re-wipe the tiles in the bathroom. They’re going to make a mess! “

PACE contractors also have experience in low-income and minority areas. Oliver continued, “That’s not all, because contractors have also been accused of targeting areas where non-English speakers, the elderly and even people with intellectual disabilities live.”

Another drawback in PACE funding is the use of misleading representatives. Oliver noted that on many occasions, PACE contractors travel door-to-door talking about the benefits of this iPad-assisted repair program, which can be used to speed up instant check-in.

“This doesn’t sound like agreeing to the iTunes update terms. It’s like sitting at a table across from a banker, potentially signing your house, ”Oliver said.

Oliver noted that major financial players paid attention to the problems of the PACE. Financial lending giants Freddie Mac and Fannie Mae have ended their support for PACE-funded houses. When these homes run into debts that cannot be paid, Oliver said tax collectors are collecting the debts and foreclosing the homes.

The most poignant quote came from a passionate St. Louis tax collector pleading with his county to get rid of the regional PACE program.

“The more you have, the more the percentage of people will lose their homes. You can make consumer protection better and stricter, but eventually some people will be taken away from their homes, ”said Missouri.

“Exactly. No one in this country should lose their home to air conditioning. They should lose their home to unexpected medical bills – like an American!” Oliver commented sarcastically.



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