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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- Qualified Mortgage Rulemaking: Protecting Borrowers from the Next Lending Crisis
January 10, 2013
The Dodd‐Frank Wall Street Reform and Consumer Protection Act requires lenders to determine whether borrowers can repay a mortgage before that transaction takes place -- by making loans that meet a “Qualified Mortgage” (QM) standard. This CRL factsheet describes the key QM provisions in the final rule issued by the Consumer Financial Protection Bureau.
- Congress: Extend Mortgage Forgiveness Debt Relief Act
November 29, 2012
Center for Responsible lending joined with Financial Services Roundtable and Housing Policy Council to ask Congress to extend the Mortgage Forgiveness Debt Relief Act.
- CRL Comments To the Consumer Financial Protection Bureau RE: Truth in Lending Act (Regulation Z) and Loan Originator Compensation
October 16, 2012
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.
- Making Mortgage Servicing More Effective: Comments to the CFPB
October 9, 2012
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).
- The Future of Homeownership
September 21, 2012
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 Comments to the Consumer Financial Protection Bureau on RESPA and TILA (Regulations X and Z)
September 7, 2012
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.
- A Government-Mandated 10% Down Payment: Bad for Families, the Housing Market and the Economy
August 31, 2012
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.
- Qualified Residential Mortgages: Down Payment Rules Threaten Home Buyers—and the Economy
August 31, 2012
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.
- Letter to Regulators on Down Payments (QRM Requirements)
August 30, 2012
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.
- "Qualified Residential Mortgages" -- the Negative Impact of a Government-Mandated 10 Percent Down Payment
August 29, 2012
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.