Policy & Legislation
HIGHLIGHT
During the years that led up to the subprime mortgage crisis, Congress was notably passive in dealing with the proliferation of abuses that flourished in a reckless lending environment. The foreclosure crisis that triggered today’s economic problems underscores the need for sensible regulations and protections. Today there are many reforms being weighed and balanced in Washington and in the states. Here we help you keep abreast of proposed policies and their pros and cons.
- To Prevent Foreclosures, Eliminate Penalty Tax On Mortgage Relief
February 1, 2010When homeowners are at risk of losing their home to foreclosure, the last thing they need is an extra tax bill. Congress needs to fix the 2007 Mortgage Forgiveness Debt Relief Act so that homeowners receive relief as intended.
- Reckless Lending and Toxic Products Caused the Foreclosure Crisis
January 13, 2010Julia Gordon, CRL Sr. Policy Counsel, testifies before the Financial Crisis Inquiry Commission on the causes and effects of the foreclosure crisis and why we need more and better responses.
- Federal Reserve Should Ban Mortgage Kickbacks
December 24, 2009In a comment letter to the Federal Reserve Board, CRL recommends strengthening proposed rules to ban routine kickbacks on home loans that already have cost Americans billions of dollars.
- The Private Sector and Government Response to the Mortgage Foreclosure Crisis
December 8, 2009Julia Gordon, CRL Sr. Policy Counsel, testifies before the House Financial Services Committee on why we need a stronger, multi-pronged approach to stopping the mortgage foreclosure epidemic
- End Predatory Pricing on Home Loans (Yield-Spread Premiums)
December 7, 2009The Federal Reserve is considering rules to restrict mortgage brokers and lenders from giving borrowers loans with higher interest rates than necessary and earning "yield-spread premium" kickbacks in exchange.
- End Predatory Pricing on Home Loans
December 4, 2009The Federal Reserve is considering rules to restrict mortgage brokers and lenders from giving borrowers loans with higher interest rates than necessary and earning "yield-spread premium" kickbacks in exchange.
- The Consumer Financial Protection Agency: What You Need to Know
October 30, 2009 - Consumer Financial Protection Agency Could Have Stopped Abuses that Plague Americans Today
October 23, 2009CRL shares stories of everyday people affected by financial abuse and emphasizes the need for the Consumer Financial Protection Agency to ensure that they and others are protected from such abuses in the future.
- CRL supports a strong, non-preemptive Consumer Financial Protection Agency
October 19, 2009CRL letter to Members of House Financial Services Committee outlining support and opposition to various CFPA amendments on states' rights, credit-related insurance, and carve outs for credit unions and auto dealers.
- Allowing National Banks to Ignore State Lending Laws Encouraged Risky Lending
October 16, 2009UNC's Center for Community Capitalism finds that national banks increased subprime lending when they were allowed to ignore state laws (i.e., "preempt" state laws), and states with stronger lending laws have had fewer foreclosures.
