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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- Comments to the OCC: We Oppose Preempting State Consumer Protections on Mortgages, Credit Cards and Other Banking Products
June 28, 2011
CRL joins several groups in opposing proposed rules that would continue the OCC's broad preemption of state laws governing mortgages, credit cards, bank accounts and other banking products.
- Proposed QRM Definition Harms Creditworthy Borrowers While Frustrating Housing Recovery
June 23, 2011
The Qualified Residential Mortgage (QRM) should be redesigned to align with Congressional intent: encourage sound lending behaviors that reduce future defaults without harming responsible borrowers and lenders. The Coalition for Sensible Housing Policy, including CRL, collaborated on this paper describing the negative impact of proposed mortgage rules that would mandate large down payments.
- Locked Out of a Home: The Impact of a 10% Down Payment Requirement on Prospective Home Buyers
June 22, 2011
CRL's analysis shows that a 10% down payment on QRM mortgages would make homeownership out of reach for many creditworthy American families.
- Joint Statement: Proposed Down Payment Rules Harm Creditworthy Borrowers
April 15, 2011
CRL joins mortgage bankers, Realtors, home builders and other housing groups in explaining how high down payments would make homeownership more expensive or out of reach for millions of Americans.
- Banking Regulators Should Withdraw Consent Orders on Illegal Servicing
April 6, 2011
CRL joins more than 50 national organizations in urging federal banking regulators to withdraw consent orders that allow mortgage servicers to escape any serious consequences for illegal business practices.
- Civil Rights Letter on GSE Reform
April 6, 2011
CRL joins civil rights groups in asking Congress to take a comprehensive approach to GSE reform that addresses lending disparities and underserved borrowers.
- Federal Reserve Mortgage Lending Rules - Amicus Brief from CRL and NCLC Opposing TRO and Preliminary Injunction
April 4, 2011
CRL and the National Consumer Law Center filed an amicus brief supporting the Federal Reserve's opposition to a TRO and preliminary injunction that would prevent new mortgage rules from going into effect.
- Joint Letter to Regulators Against High-Downpayment Requirements
March 16, 2011
CRL joins key housing groups in urging federal regulators to avoid setting arbitrary mortgage downpayment requirements.
- Don't Mandate Large Down Payments on Home Loans
March 1, 2011
Recent proposals call for requiring prospective homeowners to make a 10-20 percent down payment when purchasing a home. This is seen as “getting back to the way mortgages were made in the 1980s.” In fact, low down payment home loans have been a significant—and safe—part of the mortgage finance system for decades, bearing little resemblance to subprime and other alternative mortgage products that crashed our economy. And responsible low down payment loans are also a key to the recovery of our nation’s housing market and economy
- Are There Government Barriers to the Housing Market Recovery?
February 16, 2011
CRL testifies that the biggest barrier to housing recovery is continuing foreclosures that could be stopped. Mortgage servicers are foreclosing unnecessarily, and the government has not yet used all the tools at its disposal to bring foreclosures under control and restore stability in the housing market.