Skip to main content

Search form

Press Releases

May 5, 2009
"Jack Kemp had many accomplishments: NFL quarterback, member of Congress, secretary of HUD, Republican vice presidential nominee. Driving his public service was an unwavering belief that each and every person deserves a chance to succeed. He was a longtime civil rights advocate and champion of home ownership, most recently fighting an uphill battle for policies that would help millions of financially stressed families avoid foreclosure and stay in their homes. He helped move the ball forward. We will miss him." For more information: Kathleen Day at (202) 349-1871 or kathleen.day@...
April 30, 2009
The Senate today voted down the one common-sense solution that would have prevented over a million families from losing their homes to foreclosure ? allowing bankruptcy judges to modify home loans to fair market terms. This measure would have encouraged mortgage servicers to voluntarily restructure mortgages to make them affordable in much greater numbers, saving up to 1.7 million families from foreclosure. It also would have saved their neighbors from losing an additional $300 billion in reduced property values caused by these preventable foreclosures. The banking industry, after...
March 5, 2009
Center for Responsible Lending's president, Michael Calhoun, on the House approval of H.R. 1106, which makes court relief on mortgages available for financially distressed homeowners: "We applaud lawmakers in the House for passing legislation that is a crucial piece of the broader White House plan to stem foreclosures. With another family facing foreclosure every 13 seconds, the need to put the economy before politics couldn't be clearer. New numbers released today by the Mortgage Bankers Association underscore how quickly the housing situation continues to deteriorate: In 2008 more than...
February 18, 2009
More analysis of the Housing Plan >> The housing plan announced today represents a huge step forward for the entire country, and includes responsible and effective actions to reduce the massive foreclosures that triggered today's economic crisis. It represents an essential and overdue investment in correcting the results of bad lending and poor risk management. And it will benefit households from across the economic spectrum, providing new hope for a future with stronger communities and a stronger economy. Previous actions to bail out banks have been necessary to keep the economy...
February 10, 2009
We will not effectively stabilize the nation's banks and financial system until we stop the wave of foreclosures that continues to drive down the economy and harm millions of families. At least 8 million families risk losing their homes to foreclosure in the next four years. These foreclosures drive down the value of all homes, and in turn prevent a recovery of the housing and financial markets. The financial crisis will not end unless these foreclosures are reduced. This year alone there will be 2.4 million foreclosures. The 75 million families who happen to live near those properties...
February 5, 2009
The foreclosure epidemic that ignited today's economic crisis continues unabated, as illustrated by new up-to-the-second figures released by the Center for Responsible Lending. CRL's website, http://www.responsiblelending.org/mortgage-lending/tools-resources/national-foreclosure-ticker.html, now displays a constantly updated counter showing new foreclosure starts this year for the nation and also by state. The counter is based on data collected by the Mortgage Bankers Association and adjusted to cover the entire market. It graphically depicts the magnitude of home losses as they mount...
January 21, 2009
The federal Office of Thrift Supervision (OTS) has failed in its responsibility to oversee the nation's thrift institutions and protect the public from reckless lending practices, according to a new report released today by the Center for Responsible Lending. Read The Second S&L Scandal: How OTS allowed reckless and unfair lending to fleece homeowners and cripple the nation's savings and loan industry, http://qa.crl.w.lmdagency.net/research-publication/second-s-l-scandal. CRL recommends that OTS be eliminated as a government agency and that its functions be folded into other federal...
January 8, 2009
The subprime market for home loans has dried up for now, but the bad subprime loans made at the height of the mortgage bubble continue to damage neighborhoods and drown the economy in foreclosures. New information in a Center for Responsible Lending report provides a fresh, grim snapshot of the spreading negative effects of subprime mortgages that were aggressively marketed up until last year. The report, "Continued Decay and Shaky Repairs: The State of Subprime Loans Today," includes these findings: Over 1.5 million homes have been lost through subprime foreclosures. Another 2...
December 22, 2008
"Today in Washington, several groups issued updates on mortgage performance and the success of attempts to repair distressed home loans. These reports show we are still losing the battle to stop the continuing epidemic of foreclosures at the root of the growing economic crisis. The proverbial vicious cycle continues as these foreclosures, in turn, continue to batter our economy and put a recovery further out of reach. "The weak economy is, of course, a factor, in the default of modified loans. But the underlying cause of both the worsening economy and the growing number of re-defaults is...
December 5, 2008
OAKLAND—Dec. 5, 2008—Nearly 11 percent of all mortgage loans in California were past due or in foreclosure at the end of September according to new data released this morning from the Mortgage Bankers Association (MBA). The data, which show that nationally one in 10 homes were delinquent; 1 in 20 were seriously delinquent and 1 in 33 were in foreclosure as of Sept. 30, underscore the need for swift and effective solutions to mitigate the foreclosures that are at the root of the worst economic crisis in decades and the personal financial crises of millions of homeowners and...

Pages