Who would manage their own money like this?
Brownfield = land owned by a campaign donor.
I thought the problem with brownfields was that the laws were so strict that they made people afraid to develop, lest they be found liable for contaminants that were there before them. It sounds like this goes the other way.
On the other hand, if no inventory of existing contaminants is made, won’t the developers live in perpetual fear and liability of being blamed for anything that shows up in the future?
Or, does the designation of brownfield status give a developer pollution immunity for all future time?
Why is everybody pissing and moaning about this. The companies taking advantage of this are not breaking the law.
IIRC, this was used by Fannie Mae in order to make loans fit whatever profile they needed.