(ADDISON, Texas) NEWS: Mid America Mortgage, Inc. (Mid America) announced today it has promoted former National Support and Training Director Jemma Pachiano to Chief Operating Officer (COO).
“Jemma Pachiano’s vast experience in the mortgage industry and keen ability to tackle even the most complex challenges have made a measurable impact on Mid America since 2011, which makes her an excellent fit for this role,” said Mid America Owner and CEO Jeff Bode. “As COO, Jemma’s solutions-based approach and know-how in regards to implementing more efficient processes, products and systems will be instrumental in propelling Mid America’s growth and success through 2021 and beyond.”
The former property-assessed clean energy program administrator plans to sell off assets via Chapter 11, but PACE securitizations through its bankruptcy-remote trusts will continue to be backed by homeowner ad valorem assessments.
[December 28, 2020]
KBRA Comments on Renovate America s Chapter 11 Filing
Kroll Bond Rating Agency (KBRA) releases commentary following an announcement on December 22, 2020 that Renovate America Inc. (Renovate), a Property Assessed Clean Energy (News - Alert) (PACE) originator, has filed for bankruptcy under Chapter 11 of the US Bankruptcy Code.
Renovate has sponsored thirteen PACE ABS transactions that have outstanding KBRA ratings. The ABS (News - Alert) transactions are largely insulated from the financial performance of Renovate as the company only served as the Program Administrator for these transactions, has limited interaction with the underlying obligors, and has little control over the collateral performance. The servicing of the PACE assessments, including billing and collections, is performed by David Taussig & Associates, which serves as the Assessment Administrator.
San Diego-based Renovate America, which provided financing for solar and other energy saving home improvements, filed for Chapter 11 bankruptcy protection earlier this week and plans to sell off assets to help repay creditors.
The once high-flying company said it was derailed in part by legislation
There are at least 94 professional licenses set to expire in zip code 85251 during the week ending January 2, according to the State of Arizona.
More than 99 percent of Arizona s businesses are considered small, with more than 40 percent of Arizona employees working for small businesses, according to the U.S. Small Business Administration.
A study by Civic Economics found that when $100 is spent at a locally-owned business, that business puts $47 back into the local economy while the total is just $13 for non-local businesses.
Licenses set to expire during week ending January 2
License Holder