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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- 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
- The Subprime Mortgage Crisis and America’s Veteran
February 28, 2008
- Consumer Protection in Financial Services: Subprime Lending
February 28, 2008
- S 2636 Foreclosure Prevention Act of 2008
February 27, 2008
Urges use of loan modifications
- Independent contractors of federally chartered banks must comply with state laws
February 15, 2008
CRL's amicus brief in support of Ohio Commissioner of Banks Reardon in State Farm Bank, F.S.B. v. Reardon. CRL argues that Ohio's mortgage broker laws apply to the independent contractors of State Farm Bank who make loans on behalf of the bank and are not preempted by the federal Home Owners' Loan Act or regulations issued by the federal Office of Thrift Supervision in this appeal before the U.S. Court of Appeals for the 6th Circuit. The district court upheld Ohio's laws.
- State attorneys general can punish federally chartered banks for violating state laws
February 8, 2008
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.
- Banks must record all transfers in loan ownership before foreclosing in Minnesota
January 28, 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...
- HR 3609 - Compromise Bill Permitting Court-Supervised Loan Modifications Would Save 600,000 Homes
January 18, 2008
Report urges court-supervised loan modifications
- Analysis of HR 3609 Compromise Bill
January 10, 2008
Overview of HR 3609 - Summary of Compromise Bill: Permitting Judicial Modification of Home Loans as Alternative to Foreclosure