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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- Widespread Abuse by Mortgage Servicers Hurts Homeowners, Investors, Taxpayers, Economy
July 7, 2011
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.
- Civil Rights Letter on GSE Reform
April 6, 2011
CRL joins civil rights groups in asking Congress to take a comprehensive approach to GSE reform that addresses lending disparities and underserved borrowers.
- Are There Government Barriers to the Housing Market Recovery?
February 16, 2011
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.
- Wall Street, Not Fannie Mae and Freddie Mac, Led the Toxic Mortgage Market
January 26, 2011
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.
- Summary of Key Provisions (Mortgage Originations) in Dodd-Frank Wall Street Reform and Consumer Protection Act
December 1, 2010
Detailed description of provisions in Title XIV: “Mortgage Reform and Anti-Predatory Lending Act” Subtitles A-C: Mortgage Originations
- Robo-Signing, Chain of Title, Loss Mitigation and Other Issues in Mortgage Servicing
November 18, 2010
Senior policy counsel Julia Gordon testifies before a House Financial Services subcommittee on robo-signing and how to use all available tools to address the foreclosure crisis.
- Foreclosures Continue: What Needs to Change in the Government's Response?
February 25, 2010
Testimony on the government's response to continuing foreclosures by Julia Gordon before the U.S. House of Representatives Committee on Oversight and Government Reform Subcommittee on Domestic Policy.
- To Prevent Foreclosures, Eliminate Penalty Tax On Mortgage Relief
February 1, 2010
When 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.
- CRL supports a strong, non-preemptive Consumer Financial Protection Agency
October 19, 2009
CRL 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.
- At A Glance: Top Policies for Addressing the Foreclosure Crisis
August 19, 2009
Solutions exist. Here's a quick reference to CRL's top four policies for stopping the foreclosure epidemic.