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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- RESPA and its Impact on Small Business
May 22, 2008
- Protect States’ Rights to Prevent Foreclosures
May 7, 2008
Note urges support of the Miller-LaTourette amendment which urges compliance with state consumer protection laws
- Improving Consumer Protections in Subprime Home Lending
April 29, 2008
- H.R. 5679: The Foreclosure Prevention and Sound Mortgage Servicing Act of 2008
April 16, 2008
Testimony of Julia Gordon before the U.S. House of Representatives Committee on Financial Services Subcommittee on Housing and Community Opportunity
- Banks must record all transfers in loan ownership before foreclosing in Minnesota
April 14, 2008
CRL'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.
- Turmoil in U.S. Credit Markets: Examining Proposals to Mitigate Foreclosures and Restore Liquidity to the Mortgage Markets
April 10, 2008
- Comment: Proposed Rules Regarding Unfair, Deceptive, Abusiveprotect consumers from unfair or deceptive home mortgage lending and advertising practices
April 8, 2008
Request for comment on proposed changes to Regulation Z (Truth in Lending) to protect consumers from unfair or deceptive home mortgage lending and advertising practices. The rule, which would be adopted under the Home Ownership and Equity Protection Act (HOEPA), would restrict certain practices and would also require certain mortgage disclosures to be provided earlier in the transaction.
- Court-supervised modifications would make large-scale foreclosure prevention possible
March 7, 2008
CRL supports court-supervised loan modifications
- Lenders cannot make loans in Washington, D.C. without considering borrowers' ability to repay
March 5, 2008
CRL's complaint on behalf of the plaintiff in Howard v. Countrywide. CRL represents a homeowner in the District of Columbia who alleges he was refinanced four times in the course of three years into loans that he could not afford, including several brokered loans that provided the broker with high compensation (including yield-spread premiums) and a "no income no asset" loan from Countrywide Home Loans. The case, which alleges violations of the District's consumer protection laws and the federal Truth in Lending Act, was filed in D.C. Superior Court and removed to the U.S. District Court.
- Impact of and Reactions to Proposed Regulation Z Revisions
March 5, 2008