Now, it's interesting that banks and financial institutions are currently under fire for many of their predatory lending practices over the past few years, but are still taking giant steps towards a greener society.
Like all good times on a roll, nobody ever thinks the fun is going to end. But when the music stops, as it has over the last year, nobody ever seems prepared to deal with the consequences. Much has been written about the "subprime" scandals and much will be made out of it over the upcoming election year.
But back to PNC's major steps and their positive effect on the banking industry. In what will, for at least the next year, become a very difficult lending landscape, one area which will actually show growth is the Energy Efficient Mortgage, which is used either to fund new green developments or retrofit existing buildings.
What this means is that more developers will be on the lookout to create green projects because that's where the funding will be. So, in essence, our current debacle in the real estate industry may actually bring about
green development even faster. Talk about unintended consequences.
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