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.
Browse Mortgage Policy & Legislation
- No Credit Crunch: The CFPB and Consumer Access to Credit
Published: Jul 24 2012 Issue: CFPB, 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: CFPB, 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: CFPB, 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...
- National mortgage Settlement is a game-changer
Published: Feb 17 2012 Issue: Mortgage Lending
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
Published: Dec 27 2011 Issue: Mortgage Lending
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...
- Facing the Foreclosure Crisis:
Four Urgent Needs to Address Now.
Published: Nov 29 2011 Issue: Mortgage Lending
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...