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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- Consumer Financial Protection Agency: Myths versus Reality
August 13, 2009
- Current Trends in Foreclosure and What More Can Be Done To Prevent Them
July 28, 2009
In a hearing on "Current Trends in Foreclosure and What More Can Be Done to Prevent Them," CRL's Keith Ernst urged Congress to take several actions to address the flood of foreclosures and fix the broken mortgage market: Create the Consumer Financial Protection Agency; pass or encourage sensible lending rules in the future; ensure that current prevention efforts are as effective as possible; and lift the ban that now prohibits home loan modifications through the courts.
- Neglect and Inaction: An Analysis of Federal Banking Regulators’ Failure to Enforce Consumer Protections
July 13, 2009
The failure of the bank regulators to protect consumers is a systematic problem that has stretched over at least several decades.
- Financial Reform that Protects Consumers
June 25, 2009
For years, federal bank regulators looked the other way; now Congress has a chance to reform our system of checks and balances, make banks accountable, and protect consumers from abusive financial products that caused our current economic crisis
- Six Principles for Real Reform: Balancing Bank Safety and Sensible Lending
June 24, 2009
As Congress considers how to address improving consumer protection and regulation of our financial system going forward over the next several months, we offer six essential principles for achieving true regulatory reform.
- Overview of the Obama Administration’s Proposed Consumer Financial Protection Agency
June 24, 2009
This summary focuses only on the consumer protection component of the Obama Administration’s Financial Regulatory Reform proposal.
- Regulatory Restructuring: Enhancing Consumer Financial Products Regulation
June 24, 2009
Kathleen Keest, Senior Policy Counsel at CRL, testified before the House Financial Services Committee on CRL's support for a strong, state-of-the-art consumer protection agency for financial products -- provided that the agency is independent of the companies it regulates, and fully transparent and accountable to the public.
- Borrowers can file class actions to void illegal loans
June 10, 2009
CRL's brief on behalf of the petitioners seeking certiorari from the United States Supreme Court in Andrews v. Chevy Chase Bank. CRL represents a Wisconsin couple, who was one of thousands of borrowers who received identical disclosure statements for Chevy Chase Bank payment option adjustment rate mortgages that violated the Truth in Lending Act. CRL asks the Supreme Court to review the decision of the U.S. Court of Appeals for the 7th Circuit that lawsuit seeking to rescind their loan based on Truth in Lending Act violations cannot proceed as class actions.
- Lender illegally foreclosed on a Virginia couple after they entered into a loan modification
May 26, 2009
CRL's complaint on behalf of the plaintiffs in Rosa v. Federal Home Loan Mortgage Co. CRL, co-counseling with Legal Services of Northern Virginia, represents a couple in Fairfax County, Virginia who allege they signed a loan modification offer mailed by their lender and made all the payments the modification required. Nevertheless, their lender auctioned their home at a foreclosure sale and served them with an eviction notice. The case, which alleges the lender breached its contract with the homeowners, committed fraud, engaged in inequitable conduct that voided the foreclosure sale, and committed violated various common-law torts, was filed in Fairfax County Circuit Court and removed to the U.S. District Court.
- Comment: Proposed 2009 GSE Housing Goals
May 22, 2009
CRL's comments on proposed housing goals for Fannie Mae and Freddie Mac support incentives to modify distressed mortgages.