Policy & Legislation
HIGHLIGHT
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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- Federal Ownership of Troubled Securities Alone Will Not Stop Foreclosures that Drag Down the Economy
September 20, 2008Allowing the Federal government to purchase illiquid mortgage-backed securities (MBS) will not work. Large-scale loan modifications —adjusting the terms of a loan to make it affordable—is the best solution to prevent more foreclosures
- HUD’s Proposed RESPA Rule
September 16, 2008CRL applauds HUD for looking at RESPA reform
- Comments: Proposed changes to HMDA reporting requirements
August 28, 2008CRL's comment on Fed's proposed changes to HMDA reporting requirements.
- The Mortgage Crisis Today: How Far Have We Come and Where Do We Need to Go?
August 4, 2008Overview of subprime and alternative lending market with focus on California
- A Review of Mortgage Servicing Practices and Foreclosure Mitigation
July 25, 2008CRL urges action be taken to prevent further escalation of foreclosure crisis.
- Foreclosure rescue scams in Virginia create mortgages under equitable principles (reply)
July 14, 2008CRL's briefs on behalf of the appellants in Johnson v. Washington. CRL represents Virginia homeowners who signed a deed purporting to sell their house to an investor in a foreclosure rescue scam when they went to a mortgage broker to refinance their defaulted loan in this appeal to the U.S. Court of Appeals for the 4th Circuit. The district court held the mortgage rescue transaction neither created an equitable mortgage, in which case the federal Truth in Lending Act and state mortgage broker laws would apply, nor constituted fraud.
- Analysis of HR 6076
June 27, 2008Explanation and endorsement of HR 6076: Home Retention and Economic Stabilization Act
- Comment: RESPA Proposed Rule to Simplify and Improve the Process of Obtaining Mortgages to Reduce Consumer Settlement Costs
June 12, 2008Comments of the Center for Responsible Lending on RESPA Proposed Rule to Simplify and Improve the Process of Obtaining Mortgages to Reduce Consumer Settlement Costs
- Banks must record all transfers in loan ownership before foreclosing in Minnesota
June 2, 2008CRL's pleadings and briefs on behalf of the plaintiffs in Jackson v. Mortgage Electronic Registration Systems, Inc. CRL represents a class of Minnesota homeowners facing foreclosure who allege that MERS' failure to record all transfers in the ownership of their loans before beginning the foreclosure process violates procedural requirements in the state's non-judicial foreclosure statutes concerning the recordation of mortgage assignments. This case was filed in the Minnesota state courts, removed to the U.S. District Court, and certified to the Minnesota Supreme Court.
- Foreclosure rescue scams in Virginia create mortgages under equitable principles
May 27, 2008CRL's briefs on behalf of the appellants in Johnson v. Washington. CRL represents Virginia homeowners who signed a deed purporting to sell their house to an investor in a foreclosure rescue scam when they went to a mortgage broker to refinance their defaulted loan in this appeal to the U.S. Court of Appeals for the 4th Circuit. The district court held the mortgage rescue transaction neither created an equitable mortgage, in which case the federal Truth in Lending Act and state mortgage broker laws would apply, nor constituted fraud.
