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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- National mortgage Settlement is a game-changer
February 17, 2012
A lawsuit highlights possible foreclosure fraud, as loan servicing employees admit they don’t actually review foreclosure documents; instead they do "robo-signing.
- Comments on the Federal Housing Finance Agency Joint Initiative on Mortgage Servicing Issues
December 27, 2011
FHFA has the mandate and the opportunity to improve mortgage servicing practices. CRL recommends incentives to encourage better service by loan servicers and to promote more timely and effective loss mitigation, free of abusive and unfair practices.
- Facing the Foreclosure Crisis:
Four Urgent Needs to Address Now.
November 29, 2011
This policy brief is a companion piece to CRL's foreclosure research, "Lost Ground, 2011." Here we discuss practical policies that would help stop the foreclosure epidemic and restore confidence in the housing market.
- Amici Curiae CSJ and CRL in Guillaume
September 26, 2011
CRL filed an amicus brief to the New Jersey Supreme Court, advocating for strict compliance with New Jersey’s Fair Foreclosure Act and the federal Truth in Lending Act’s intentional reordering of the common law rescission process to effectuate Congress’s intent that rescission under TILA be a practical tool to save homes from foreclosure. Both statutes play a critical role in preserving homeownership in the face of foreclosure.
- Coalition Urges Strong Servicing Settlement that Holds Banks Accountable
August 24, 2011
As state Attorneys General wrap up their robo-signing investigation, CRL joins Americans for Financial Reform in urging AGs to produce a strong settlement for homeowners that prevents unnecessary foreclosures and keeps the door open for more legal remedies in the future.
- Comments to CFPB re Larger Participant Rulemaking
August 15, 2011
- Qualified Residential Mortgages: How long does it take to save 10%?
August 5, 2011
See how qualified residential mortgage proposals to require prospective homeowners to make a 10 percent down payment would arbitrarily lock creditworthy borrowers out of the market.
- QRM Comments: Mortgage Market of the Future can Produce Sensible Loans without High Down Payments
August 2, 2011
CRL offers comments to regulators on proposed risk retention rules, urging sensible rules that do not include mandated down payment requirements.
- Comments to the Consumer Financial Protection Bureau and the Federal Reserve Board re: Regulation Z: Proposed Rule on Ability to Pay and Qualified Mortgage
July 22, 2011
In its first formal comment to the CFPB, the Center for Responsible Lending supports new Dodd-Frank mortgage reforms and urges the CFPB to ensure that lenders have appropriate consequences if they fail to abide by the rules.
- Enhanced Consumer Financial Protection After the Financial Crisis
July 19, 2011
Unsustainable lending pushed us into the financial crisis, and sustainable lending and responsible consumer financial services products are needed to restore and maintain economic health. An independent Consumer Financial Protection Bureau (CFPB), as enacted by the Dodd-Frank Act (DFA or Dodd-Frank), is critical to reestablishing these sustainable lending practices.