Center for Responsible Lending

Mortgage Lending

• 1 in 8 families that has a mortgage is either delinquent or facing foreclosure.
• Every 13 seconds another family finds a foreclosure notice in the mailbox.
• This year alone foreclosures will drain more than $500 billion from neighboring home values.
• In May, the U.S. House passed new rules for future mortgage lending. The Senate has yet to act.

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Payday Lending

• The payday lenders’ business model is built on charging triple-digit interest rates that run up to 400% on a $100 loan.
• Congress says payday lenders cannot charge soldiers an interest rate above 36 percent. Shouldn’t that be the rule for everyone?
• Payday lenders are pushing a "reform" bill in Congress that is no reform at all but instead would make loan sharking easier.

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Overdraft Loans

• Consumers pay $17.5 billion a year in bank overdraft fees, all for a “service” few people even realize their bank has signed them up for.
• Almost half of all bank overdraft fees are triggered by debit cards, and most are for small-ticket items like fast-food or coffee. Who wants to be charged an extra $35 for a $5 hamburger?
• Younger and older Americans are disproportionately hurt by bank overdraft fees.

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Credit Cards

• Most credit-card users don’t know it when they are charged a “penalty” interest rate, which typically is double the regular rate.
• The average household has over $10,000 in credit card debt
• Financially troubled credit-card borrowers often owe more in penalty fees and interest charges than for purchases or cash advances.

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