CRL affirms that limits on loan originator compensation contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act and in Regulation Z are important consumer protections that fundamentally improve the mortgage market, and offers some suggestions for improving standards proposed by CFPB.

In comments submitted to the Consumer Financial Protection Bureau, CRL makes a number of recommendations to help ensure loan servicers give distressed mortgages a timely, efficient and comprehensive review to mitigate losses. The CFPB's proposed rulemaking is under the Real Estate Settlement Procedures Act (RESPA).

After years of steady progress, the homeownership rate in America has seen its biggest drop since the Great Depression. Today we have an opportunity to return to a stable lending environment with rising homeownership.

CRL offers supports the Bureau's consumer protection proposal for mortgage rules and disclosures for high-cost (HOEPA) loans. But it urges CFPB to be vigilant about evasions of HOEPA and to adopt a regulation that is expansive enough to capture all loans structured to evade HOEPA.

Decades of lending have shown that low down payment lending can be successful. Excluding millions of good borrowers from the mainstream mortgage market would be a serious mistake.

The housing market of the future can drive economic growth without shutting out responsible home buyers. Find reports, data and other resources on Qualified Residential Mortgages.

CRL and six other organizations submit comments to regulators explaining why government-mandated down payments would be damaging to lower- and middle-income families and the housing market as a whole.

On August 29, 2012, CRL and several other organizations submitted a letter to federal and financial regulators opposing a government-mandated down payment requirement as part of the pending definition of “Qualified Residential Mortgages (QRMs).” Regulators are considering imposing minimum down payment requirements as part of QRM standards. While much has been written on the barriers to homeownership that would result from the 20 percent down payment requirement included in regulators’ April 2100 proposed rule, there has been less commentary on a possible 10 percent down payment.

The Center for Responsible Lending, Consumer Federation of America, and Empire Justice Center submitted comments to the Federal Housing Finance Agency on a proposed rule for the 2012-2014 Enterprise Housing Goals. "It is critical that FHFA continue to focus on its responsibility of ensuring that the Enterprises serve the entire housing market." The Enterprises can do this while fostering a liquid, competitive and strong housing market.

Mike Calhoun, CRL President, testified that lack of regulation led to the foreclosure crisis. The Dodd-Frank reforms and CFPB are important reforms to prevent a future housing crisis, and will be good for consumers and the safety and soundness of our consumer finance system. Testimony was before a subcommittee of the House Committee on Oversight and Government Reform.