Congress should not allow high fees and loopholes to return to mortgage lending. HR.1077 will lead to more expensive and dangerous loans for borrowers.

Center for Responsible lending joined with Financial Services Roundtable and Housing Policy Council to ask Congress to extend the Mortgage Forgiveness Debt Relief Act.

Mike Calhoun, CRL President, testified that lack of regulation led to the foreclosure crisis. The Dodd-Frank reforms and CFPB are important reforms to prevent a future housing crisis, and will be good for consumers and the safety and soundness of our consumer finance system. Testimony was before a subcommittee of the House Committee on Oversight and Government Reform.

CRL Senior Vice President Eric Stein emphasized the importance of defining "Qualified Mortgage" broadly to avoid shutting out creditworthy borrowers from the mortgage market. He recommended that QM include the use of specific "bright-line" standards so that lenders and borrowers are clear on which loans qualify as QMs. He also made the case for allowing borrowers to pursue legal action if an alleged QM loan failed to meet the appropriate standards from the outset. This testimony was presented before the House of Representatives Committee on Financial Services - Subcommittee on Financial Institutions and Consumer Credit.

The Boxer-Menendez bill to expand refinances offers a bipartisan opportunity to help homeowners and boost the economy. The bill would more than double the number of homeowners who could refinance under the Home Affordable Refinance Program (HARP) and also more than double their savings, according to research by the Columbia University Business School.

Unsustainable lending pushed us into the financial crisis, and sustainable lending and responsible consumer financial services products are needed to restore and maintain economic health. An independent Consumer Financial Protection Bureau (CFPB), as enacted by the Dodd-Frank Act (DFA or Dodd-Frank), is critical to reestablishing these sustainable lending practices.

Mortgages servicers should be required to give every mortgage holder “a good-faith review of foreclosure alternatives” before taking steps to take his or her home, CRL president Michael Calhoun told Congress today.

CRL joins civil rights groups in asking Congress to take a comprehensive approach to GSE reform that addresses lending disparities and underserved borrowers.

CRL testifies that the biggest barrier to housing recovery is continuing foreclosures that could be stopped. Mortgage servicers are foreclosing unnecessarily, and the government has not yet used all the tools at its disposal to bring foreclosures under control and restore stability in the housing market.

Fannie Mae and Freddie Mac were prohibited from buying subprime mortgages. Five key facts showing why we can't blame the foreclosure crisis on Fannie and Freddie.