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Press Releases

December 1, 2005
State Officials, Others Caution Pending Ney-Kanjorski Bill Would Roll Back State Consumer Protections, Spur New Abuses WASHINGTON, D.C. -- State officials and other experts strongly cautioned today that a bill in Congress would weaken laws against predatory mortgage lending in New York, Illinois, South Carolina, and Arkansas and other states with major anti-predatory lending laws on their books. Those issuing the warning are Chief of the Civil Rights Bureau of the NY Attorney General, Dennis Parker, Illinois Assistant Attorney General Tom James, South Carolina Appleseed Legal Justice...
September 30, 2005
WASHINGTON, D.C. -- Payday lenders rip off our soldiers, sailors and aviators for more than $80 million every year, says the Center for Responsible Lending. These military people -- young, financially unsophisticated, often strapped for cash -- are three times more likely than civilians to have used the payday lending stores that flock around the gates of military bases, according to a new report by the center, which promotes responsible lending. Now Sen. Elizabeth Dole, a Republican from North Carolina, home to some of the nation's largest bases, proposes to help stop lenders from...
September 7, 2005
State and federal officials from four states warned today that a bill in Congress would weaken laws against predatory mortgage lending in 36 states, especially the 24 states with major anti-predatory lending laws on their books. The officials are U.S. Rep. Brad Miller (NC), New Mexico Chief Deputy Attorney General Stuart M. Bluestone, Massachusetts Rep. John F. Quinn (Dartmouth) and New Jersey Department of Banking and Insurance - Division of Banking Director H. Robert Tillman. The Ney-Kanjorski bill pending in Congress and supported by much of the lending industry would gut the strong...
August 18, 2005
WASHINGTON, D.C. — Homebuyers may not realize that monthly payments on some types of specialty mortgages can increase by as much as 50 percent or more when the introductory period ends. That's one of the messages that the National Association of Realtors® and the Center for Responsible Lending are trying to drive home in "Shopping for a Mortgage? Do Your Homework First," a new brochure to inform homebuyers about the risks and advantages of specialty mortgage products. The publication is part of a new NAR consumer education campaign addressing specialty loans and abusive lending...
August 5, 2005
WASHINGTON, D.C. – The Center for Responsible Lending joined today with 15 other groups in filing a brief supporting New York Attorney General Eliot Spitzer's efforts to enforce discrimination laws against national banks. Spitzer asked the banks to explain why the numbers the federal government requires them to make public each year show racial disparities in the banks' mortgage lending. Some banks contend a state official like Spitzer doesn't have the authority to enforce state discrimination laws against them. Their federal regulator, the Office of the Comptroller of the...
July 26, 2005
Download the Report Strong Compliance Systems Support Profitable Lending While Reducing Predatory Practices WASHINGTON, D.C. -- When national mortgage finance companies claim that state laws clamping down on predatory lenders will cost borrowers a lot of money, don't believe them. In a report released today, the Center for Responsible Lending estimates that the cost of complying with state predatory lending laws is about one dollar per mortgage. Compared to the $9.1 billion that predatory mortgage lending costs homeowners every year, the cost of weeding out abusive loans may be...
May 23, 2005
Congress holds hearings Tuesday, May 24th on two predatory mortgage-lending bills, one backed by industry that would gut strong state laws and weaken federal law, the other supported by consumer and civil rights groups and that would protect more people from losing their homes. Martin Eakes, an expert on predatory lending as CEO of the nonprofit, nonpartisan Center for Responsible Lending and the Self-Help Credit Union in Durham, N.C, will testify before the House Subcommittees on Housing and Community Opportunity and Financial Institutions and Consumer Credit Tuesday, May 24th at 10 am...
April 19, 2005
WASHINGTON, D.C. – Reps. Brad Miller, Melvin L. Watt and Barney Frank will hold a press conference Tuesday on their anti-predatory mortgage-lending bill. The Prohibit Predatory Lending Act (HR 1182) strengthens protections against predatory lenders, who are booming as the market for sub-prime mortgages explodes. Predatory lenders cost American homeowners and homebuyers in the sub-prime market, where people with less-than-perfect credit records borrow, more than $9 billion a year. These borrowers who get cheated out of the hard-won equity in their homes are often minorities, rural...
March 23, 2005
WASHINGTON, D.C., -- Civil rights groups joined consumer organizations in opposing a bill in Congress that would gut protections against predatory lenders. That bill, introduced by Reps. Bob Ney of Ohio and Paul Kanjorski of Pennsylvania, would make it easier for unscrupulous lenders to rob the nation's most vulnerable families of their homes and savings. NAACP Chairman Julian Bond urged lawmakers to reject the bill and pass instead a bill by Reps. Brad Miller and Mel Watt of North Carolina and Barney Frank of Massachusetts that strengthens defenses against predators. "Representatives...
March 16, 2005
WASHINGTON, D.C. -- A new bill in Congress would demolish many of the protections states and the federal government have carefully erected against predatory lenders and would expose millions of homebuyers to the loss of their savings and even their homes. The bill by Congressmen Robert Ney of Ohio and Paul Kanjorski of Pennsylvania would preempt state laws proven effective at curbing abusive lending and replace them with a weak federal standard. The Center for Responsible Lending, a nonprofit, nonpartisan policy and research group, urges Congress to reject this bill in its current form,...

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