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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Browse Mortgage Lending - Policy & Legislation - Congress
- CRL Testimony to Senate Banking Committee : Preserve What Works, Reform What Needs Change
October 29, 2013
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 housing finance reforms.
- Government-Mandated Down Payment Standards Would Harm the Economy, Deny Homeownership to Credit-Worthy Families
August 15, 2013
Government mandated down payments would deny homeownership opportunities.
- CRL Testimony: Prioritize Safe and Affordable Mortgage Access
July 19, 2013
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
June 18, 2013
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 ensuring that loans are sustainable for borrowers.
- HR 1077 Would Weaken Mortgage Reforms in Dodd-Frank
May 20, 2013
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
November 29, 2012
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
July 24, 2012
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.
- The Impact of Dodd-Frank's Home Mortgage Reforms
July 11, 2012
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.
- Expanding, Streamlining Mortgage Refinances
June 27, 2012
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.
- Enhanced Consumer Financial Protection After the Financial Crisis
July 19, 2011
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.