FOR IMMEDIATE RELEASE
INTRODUCING THE FIRST
NATIONAL GREEN RESIDENTIAL MORTGAGE UNDERWRITING STANDARD©
- Clearing the path for discounted financing on green-certified buildings.
- Accelerating the greening of the real estate industry.
- Resulting in significant impact on greenhouse gas emissions and global sustainability.
LARKSPUR, Calif./June 13, 2008 --- Mortgagegreen, Inc. CEO, Tomek Rondio announced; “We are introducing the first National Green Residential Mortgage Underwriting Standard© at the Capital Markets Partnership Organizational Meeting at JPMorgan Chase in New York on June 19, 2008.”
The amount of greenhouse gas emissions caused by housing, is well-defined and the numbers are staggering. Buildings are the largest single category of carbon-emission producers contributing to global warming.
Mortgagegreen is a green real estate finance company that has developed a one-of-a-kind program for rating and funding green-certified real estate. They are the first to introduce Sustainable Mortgage-Backed Securities (SMBS’s), bridging the gap between the capital markets and the greening of the real estate industry. During the past seven years Mortgagegreen has completed due-diligence, tested and refined this market opportunity and co-authored the National Green Residential Mortgage Underwriting Standard. Mortgagegreen is well-positioned to move forward with a nationwide expansion as leaders in discounted, green-certified real estate financing.
The long-awaited National Green Residential Mortgage Underwriting Standard will be presented at the Capital Markets Partnership Organizational Meeting on June 19, 2008 in N.Y. Mr. Rondio is the Capital Markets Partnership Residential Mortgage Underwriting Standard Committee Vice Chair and co-author of the National Green Residential Mortgage Underwriting Standard. This Standard will open doors to discounted financing for green-certified buildings, producing significant impact on greenhouse gas emissions and global sustainability.
The Capital Markets Partnership Organizational Meeting will be held at JPMorgan Chase, 1 Chase Manhattan Plaza, 28th Floor, NYC on June 19, 2008, 1:30-5:00pm EST.
The meeting represents a milestone in greenhouse gas mitigation and is open to interested parties by RSVP to Mortgagegreen or by dial-in.
The call-in number is (712)432-1601, Code 977685 #.
The Commercial and Residential Standard is being developed through the Capital Markets Partnership's American National Standards Institute accredited consensus process.
MEETING AGENDA
Commercial and Residential Green Building Mortgage Underwriting Standards
DRAFT FOR COMMENT Commercial and Residential Green Building Investment Underwriting Standards.
The Commercial Standard primarily based on the Argus Discounted Cash Flow Model
The Residential Standard is based on standard matrix of rate / price adjustments.
Green Building Value Rating System© part of investment bank and rating agency due diligence documenting higher green building value.
Creating Economic Stimulus While Stopping Climate Credit Risk / Irreversibility©
Sustainable Investment Market Brief: Giving the Market What it Wants©
- Higher valued collateral
- Reduced risk
- No climate credit risk - stop dangerous climate change / irreversibility
- Innovation & good will
- Enhanced liquidity
- Improved investor confidence
- Near term economic stimulus
- Cheaper cost of capital
Sustainable Investment Initiative Brochure / Overview
Industry Trade Association Policy
The scope of the Standards cover green building / home investment underwriting criteria for financial institutions’ adoption. The intent is to add to existing criteria used, the relevant consensus standard green building criteria based on the Green Building Value Rating System© and other information part of the due diligence completed. The Meeting Agenda includes:
- Background on green building value due diligence conducted with investment banks and rating agencies
- Background on consensus process, Sustainable Investment Standards Committee with exclusive jurisdiction for developing, approving and amending the Standard, & Industry Trade Association Policy
- Discussion on DRAFT FOR COMMENT Standards
- Expected first Committee Meeting Date in conjunction with upcoming NY Stock Exchange Meeting of the Capital Markets Partnership
- EMERGENCY nature of Standards due to Imminent Irreversible Dangerous Climate Change, long term rising conventional energy costs, and the need for an economic stimulus.
- Benefits of National Underwriting Standards ---
- greatly increasing the number of certified green buildings & homes and collateral value
- benefits listed above in the Sustainable Investment Market Brief
- increasing financial institution profitability
- providing a good method for accounting for green building value in existing underwriting criteria
- commercializing green buildings and their economic and many social benefits
Supporting documents available on http://mts.sustainableproducts.com/Capital_Markets_Partnership/Underwriting_Standards
In attendance, in person and by dial-in, will be over 100 financial industry leaders and green-oriented politicians, hosted by:
Wade Crowfoot, Director of Climate Protection Initiatives, Office of San Francisco Mayor Gavin Newsom
Steve Hoffmann, CEO, Eco2SMaRT / HomeServices of America, Inc.
Rich Pietrafesa, Managing Director, Destiny USA
Tomek Rondio, CEO, MortgageGreen
Mario Silvestri, VP Appraisal, Wachovia
Dan Winters, Managing Principal, Evolution Partners
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MEDIA CONTACT: a@mortgagegreen.com
INVESTOR CONTACT: tr@mortgagegreen.com
Mortgagegreen, Inc.
700 Larkspur Landing Cir., Suite 275
Larkspur, CA 94939
Tel. 415.461.8080
http://www.mortgagegreen.com
mortgagegreen.com
Competitively priced real estate financing . . . reducing your ecological footprint.
Capital Markets Partnership
1511 Wisconsin Avenue, NW
Washington, DC 20007
202-338-3131 p
202-338-2800 f
http://mts.sustainableproducts.com
http://www.sustainableproductsblog.com
Acting Now to Secure a Healthy & Prosperous Tomorrow
KEYWORDS:
SMBS, Sustainable Mortgage Backed Securities, green, real estate, environment, conservation, ecology, sustainable, mortgage, finance, home buying, buying a green home, financing a home, real estate financing
SOURCE:
Mortgagegreen