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Press Releases

February 13, 2013
Advocates at the Consumer Federation of America, the National Consumer Law Center, the Center for Economic Justice, Consumer Watchdog, the Neighborhood Economic Development Advocacy Project and the Center for Responsible Lending strongly oppose the decision of the Federal Housing Finance Agency (FHFA) – the federal regulator that oversees Fannie Mae and Freddie Mac – to halt Fannie Mae's recent efforts to reduce the cost of force-placed insurance (FPI) for taxpayers and borrowers by over $1 billion a year. Force-placed insurance is property insurance that mortgage servicers...
February 8, 2013
Today's announcement by the U.S. Department of Housing and Urban Development provides a welcome and critically important national standard for discrimination in housing and housing lending. Fair housing is fundamental to every family's pursuit of the American Dream. By issuing this disparate impact rule, HUD reaffirmed the nation's commitment to fairness for all. CRL lauds the vigilance of the entire civil rights community for its long and hard-fought effort helping to make America's reality live up to its promises. For more information, contact Kathleen Day in DC at 202.349.1871 or...
January 17, 2013
New rules from the Consumer Financial Protection Bureau will benefit millions of Americans by fixing several key problems that have plagued mortgage servicing. The rules establish basic standards such as requiring a timely application of monthly mortgage payments and a prompt correction of errors. The rules also restrict servicers from forcing borrowers into high-cost homeowners' insurance policies—a common, needless and deceptive practice. The rules also will help families save their homes from foreclosure. Protections from "dual tracking"—where servicers simultaneously...
January 10, 2013
The Consumer Financial Protection Bureau's new rules generally strike a balanced, reasonable approach to mortgage lending and implement important consumer protections. The standard CFPB establishes for a safe, well-underwritten mortgage is appropriately broad enough to include the vast majority of creditworthy home owners, and it is clear enough for lenders and borrowers alike to understand. And the rules preserve legal protection for borrowers with the riskiest loans. The rules—required by the Dodd-Frank Act of 2010—address head-on a key cause of the mortgage meltdown and...
December 12, 2012
In the first report of its kind, the Center for Responsible Lending examines consumer lending markets across-the-board and finds that—despite major gains in regulatory reforms—predatory lending continues to undermine American households trying to rebuild their finances after the recession. View or download the report: http://rspnsb.li/state-of-lending. The State of Lending in America and its Impact on U.S. Households (State of Lending) paints a picture of working families struggling to manage debt while coping with stagnant incomes and a substantial decrease in wealth. The...
November 29, 2012
The Center for Responsible Lending and the Financial Services Roundtable today asked Congress to extend the Mortgage Forgiveness Debt Relief Act, which is set to expire at year's end. "This tax law has bi-partisan support and is critical to helping homeowners and communities struggling with the ongoing foreclosure crisis," the two organizations said in joint letters to House and Senate leaders. "Furthermore, the housing market is beginning to show signs of a recovery, and expiration of this law would threaten the recovery." Read the full letters >> For more information: Kathleen...
November 16, 2012
Statement of CRL President Mike Calhoun on today's report by HUD on the FHA's financial status FHA has played a critical role during the housing crisis and the economic downturn. It provided credit to families who otherwise would not have been able to buy homes. This has helped new home owners, but also helped stabilize neighborhoods and communities and boost the economic recovery overall. It is essential that FHA continue to fulfill this role, especially as the recovery continues. It is also essential that FHA operate on a financially sound basis. FHA has already instituted changes so...
October 24, 2012
Foreclosures across the United States have drained nearly $2 trillion in property value from surrounding households, more than half of it from African-American and Latino homeowners, a new study from the Center for Responsible Lending finds. The report, "Collateral Damage: The Spillover Costs of Foreclosures," updates CRL's research on the economic harm that homeowners suffer by living near foreclosed properties—the "spillover" cost. Also, for the first time, the research examines the impact in minority neighborhoods. Read the full report at http://rspnsb.li/QEz2Jf. The spillover...
October 2, 2012
Statement of CRL President Mike Calhoun about the complaint filed yesterday by the Residential Mortgage-backed Securities Working Group, a task force that was formed in January by the Justice Department: "The complaint filed against Bear Stearns, now owned by JPMorgan Chase, is a welcome step in an ongoing investigation of Wall Street investment banking activities leading up to the financial crisis. This is the first action taken by this federal task force to bring accountability and relief to homeowners and others who have suffered the devastating consequences of uprooted families,...
August 9, 2012
The latest Mortgage Bankers Association (MBA) survey shows positive trends in the housing market, with delinquencies and foreclosures down from last year. However, the millions of foreclosures still ahead will continue to erode communities and slow economic recovery. The need for aggressive and fair loan modifications remains as strong as ever. In addition, policymakers will sabotage growth and recovery if they leave underwater families stuck in high interest rate loans. About one quarter of all households that hold a mortgage are now underwater. Refinances remain out of reach even for...

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