WASHINGTON — Programs that allow localities to issue bonds to finance loans for homeowners seeking energy-efficient upgrades have hit a wall after a federal regulator directed mortgage giants Fannie Mae and Freddie Mac to tighten their underwriting standards before they purchase mortgages tied to the loans.

The programs, known as “property assessed clean energy,” or PACE, programs, were set to receive about $150 million of seed money from last year’s stimulus law.

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