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
Published: Jul 7 2011 Issue: Mortgage Lending
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...
- Civil Rights Letter on GSE Reform
Published: Apr 6 2011 Issue: Mortgage Lending
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?
Published: Feb 16 2011 Issue: Mortgage Lending
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...
- Wall Street, Not Fannie Mae and Freddie Mac, Led the Toxic Mortgage Market
Published: Jan 26 2011 Issue: Mortgage Lending
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
Published: Dec 1 2010 Issue: Mortgage Lending
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
Published: Nov 18 2010 Issue: Mortgage Lending
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?
Published: Feb 25 2010 Issue: Mortgage Lending
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
Published: Feb 1 2010 Issue: Mortgage Lending
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...
- CRL supports a strong, non-preemptive Consumer Financial Protection Agency
Published: Oct 19 2009 Issue: Auto Financing, CFPB, Credit Cards, Mortgage Lending, Overdraft Loans
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...
- At A Glance: Top Policies for Addressing the Foreclosure Crisis
Published: Aug 19 2009 Issue: Mortgage Lending
Solutions exist. Here's a quick reference to CRL's top four policies for stopping the foreclosure epidemic.