In 1994, the average home cost about $150,000, and almost no one had ever heard of a subprime loan. That was also the year when Congress last took any major action against predatory mortgage lending. Today federal lawmakers are playing catch-up as they consider key legislation to stop foreclosures and strengthen protections against abusive lending practices.
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- CRL Testimony to Senate Banking Committee : Preserve What Works, Reform What Needs Change
Published: Oct 29 2013 Issue: Mortgage Lending
In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Eric Stein, CRL Senior Vice-President, reminded lawmakers that consumer concerns must not be lost in proposed...
- Government-Mandated Down Payment Standards Would Harm the Economy, Deny Homeownership to Credit-Worthy Families
Published: Aug 15 2013 Issue: Mortgage Lending
Government mandated down payments would deny homeownership opportunities.
- CRL Testimony: Prioritize Safe and Affordable Mortgage Access
Published: Jul 19 2013 Issue: Mortgage Lending
Michael Calhoun, CRL President, testified before a House Financial Services Committee hearing on housing finance reform and the future of homeownership.
- Dodd-Frank Act Balances Access to Credit and Key Protections
Published: Jun 18 2013 Issue: Mortgage Lending
Michael Calhoun, CRL President, testified before a House Financial Services Subcommittee on Dodd-Frank's impact on homeownership. He said that, as a whole, these rules expand access to credit while...
- HR 1077 Would Weaken Mortgage Reforms in Dodd-Frank
Published: May 20 2013 Issue: Mortgage Lending
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.
- Congress: Extend Mortgage Forgiveness Debt Relief Act
Published: Nov 29 2012 Issue: Mortgage Lending
Center for Responsible lending joined with Financial Services Roundtable and Housing Policy Council to ask Congress to extend the Mortgage Forgiveness Debt Relief Act.
- No Credit Crunch: The CFPB and Consumer Access to Credit
Published: Jul 24 2012 Issue: CFPB, Mortgage Lending
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...
- The Impact of Dodd-Frank's Home Mortgage Reforms
Published: Jul 11 2012 Issue: Mortgage Lending
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...
- Expanding, Streamlining Mortgage Refinances
Published: Jun 27 2012 Issue: Mortgage Lending
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...
- Enhanced Consumer Financial Protection After the Financial Crisis
Published: Jul 19 2011 Issue: CFPB, Mortgage Lending
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...