Policy & Legislation

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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.

Browse Mortgage Policy & Legislation
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  • Letter to Regulators on Down Payments (QRM Requirements)
    Published: Aug 30 2012      Issue: Mortgage Lending

    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
    Published: Aug 29 2012      Issue: Mortgage Lending

    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...

  • Comments on Enterprise Housing Goals
    Published: Jul 31 2012      Issue: Mortgage Lending

    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...

  • No Credit Crunch: The CFPB and Consumer Access to Credit
    Published: Jul 24 2012      Issue: Consumer Financial Protection Bureau, Mortgage Lending

    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...

  • The Impact of Dodd-Frank's Home Mortgage Reforms
    Published: Jul 11 2012      Issue: Mortgage Lending

    CRL Senior Vice President Eric Stein emphasized the importance of defining "Qualified Mortgage" broadly to avoid shutting out creditworthy borrowers from the mortgage market. He recommended that QM...

  • Comments on Qualified Mortgages to the Consumer Financial Protection Bureau
    Published: Jul 9 2012      Issue: Consumer Financial Protection Bureau, Mortgage Lending

    The Center for Responsible Lending, Consumer Federation of America and The Leadership Conference on Civil and Human Rights responded to the CFPB's request for comments on qualified mortgages. Much...

  • Expanding, Streamlining Mortgage Refinances
    Published: Jun 27 2012      Issue: Mortgage Lending

    The Boxer-Menendez bill to expand refinances offers a bipartisan opportunity to help homeowners and boost the economy. The bill would more than double the number of homeowners who could refinance...

  • Regulatory Compliance Costs and Small Financial Institutions
    Published: May 9 2012      Issue: Consumer Financial Protection Bureau, Mortgage Lending

    CRL President Michael Calhoun testifies before a House Financial Services subcommittee on the benefits of strong lending protections. Financial reform, including the CFPB, is good for American...

  • Refinancing: Helping Responsible Homeowners Save Money
    Published: Apr 25 2012      Issue: Mortgage Lending

    Interest rates are at historic lows, but many homeowners who could benefit from these low rates have not refinanced their higher-rate mortgage. In this testimony, CRL President Michael Calhoun...

  • Summary of National Mortgage Settlement
    Published: Mar 14 2012      Issue: Mortgage Lending

    Forty-nine state attorneys generals and two government agencies have reached a $25 billion agreement with the nation's five largest mortgage servicers to address mortgage loan servicing and...

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