Policy & Legislation
During the years that led up to the subprime mortgage crisis, Congress was notably passive in dealing with the proliferation of abuses that flourished in a reckless lending environment. The foreclosure crisis that triggered today’s economic problems underscores the need for sensible regulations and protections. Today there are many reforms being weighed and balanced in Washington and in the states. Here we help you keep abreast of proposed policies and their pros and cons.
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- HR 1077 Would Legalize Risky Loan Features
May 17, 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.
- CRL to Regulators: Align Qualified Mortgage (QM) and Qualified Residential Mortgage (QRM) mortgage rules
April 22, 2013
Asregulators move to define Qualified Residential Mortgages (QRMs), CRL urges the same standard that CFPB defined for Qualified Mortgages (QM).
- Closing the Gaps: What States Should Do to Protect Homeowners From Foreclosure
April 8, 2013
This brief urges state actions to prevent avoidable foreclosures with a Homeowner Bill of Rights
- Consumer Advocates Urge HAMP Extension
March 26, 2013
National and statewide consumer groups are urging that the Home Affordable Modification Program (HAMP) be extended, citing success in foreclosure prevention and modification.
- Analysis of the Report of the Monitor of the National Mortgage Settlement
March 20, 2013
CRL's analysis of "Ongoing Implementation",a report on 2012 efforts under the National Mortgage Settlement to halt foreclosures through loan modifications, and other assistance.
- State Actions Still Needed to Prevent Unnecessary Foreclosures
March 4, 2013
States are in a strong position to prevent unnecessary foreclosures, stabilize local housing markets and protect homeowners from mortgage servicing abuses. Through practical enhancements to the standards set by the Consumer Financial Protection Bureau (CFPB) and California’s Homeowner Bill of Rights, states can help borrowers get full and fair consideration for loan modifications before losing their homes to foreclosure.
- CRL Comment to CFPB on Ability to Repay Standards under the Truth in Lending Act (Regulation Z)
February 25, 2013
CRL and allies comment on CFPB proposal that addresses two issues critical to the future of safe, sustainable, and affordable access to mortgage credit. First, it considers how to define compensation for the purpose of calculating the points and fees cap contained in the qualified mortgage definition. Second, it proposes a series of exemptions for specialized lending programs and financial institutions.
- CRL Response to CoreLogic Analysis of Qualified Mortgage (QM) Standards
February 20, 2013
CRL identifies some problems with CoreLogic's QM analysis of the percent of mortgage loans that would not meet QM standards
- Qualified Mortgage Rulemaking: Protecting Borrowers from the Next Lending Crisis
January 10, 2013
The Dodd‐Frank Wall Street Reform and Consumer Protection Act requires lenders to determine whether borrowers can repay a mortgage before that transaction takes place -- by making loans that meet a “Qualified Mortgage” (QM) standard. This CRL factsheet describes the key QM provisions in the final rule issued by the Consumer Financial Protection Bureau.
- 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.