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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- Solutions to the Foreclosure Crisis
March 25, 2009
Highlights of legislation CRL endorsed which focuses on ways to fix the foreclosure crisis
- Examining the Making Home Affordable Program
March 19, 2009
Testimony of CRL Senior Policy Counsel Ellen Harnick before House Financial Services Subcomittee on Housing and Community Opportunity.
- Mortgage Lending Reform: A Comprehensive Review of the American Mortgage System
March 11, 2009
Comprehensive testimony detailing the current state of the mortgage system, the reasons it is broken, and the steps and tools needed to stem the massive growth of foreclosures.
- State attorneys general can punish federally chartered banks for violating state laws
March 4, 2009
CRL's amicus briefs in support of the New York Attorney General in Cuomo v. The Clearing House Association, L.L.P. CRL, along with a number of consumer groups, argues that the National Bank Act's "visitorial powers" provision does not prohibit the New York Attorney General from enforcing the state's anti-discrimination law against national banks concerning their mortgage lending practices, and that the Office of the Comptroller of Currency's regulation treating this as prohibited is invalid. CRL participated in this case before the U.S. District Court, the U.S. Court of Appeals for the Second Circuit, and the U.S. Supreme Court.
- Massachusetts Fights "Exploding" Subprime Mortgages
February 26, 2009
CRL applauds Massachusetts AG for using consumer protection laws, specifically the unfair or deceptive acts or practices (UDAP) law, to stop foreclosures on unfair subprime loans
- Highlights of the New Housing Plan
February 20, 2009
Highlights of President Obama's plan to address the housing crisis
- Promoting Bank Liquidity and Lending Through Deposit Insurance, The HOPE for Homeowners Program, And Other Enhancements
February 3, 2009
Testimony re: H.R. 703, a bill to promote bank liquidity and lending through deposit insurance, the HOPE for Homeowners program, and other enhancements.
- Common-Sense Solutions for Saving Homes and Communities
January 30, 2009
CRL proposes four policy recommendations that focus on removing obstacles that prevent systematic, sustainable loan modifications
- CRL’s Summary of Credit Suisse Findings on Bankruptcy Reform
January 29, 2009
Excerpts from Credit Suisse report which discussed bankruptcy reform
- A Tax-Free Foreclosure Solution: Loan Mods Through the Courts
January 28, 2009
Report advocates use of Court-supervised loan modifications without using public funds in order to preserve home values and provide fair terms to lenders