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
- Qualified Residential Mortgages: How long does it take to save 10%?
Published: Aug 5 2011 Issue: Mortgage Lending
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
Published: Aug 2 2011 Issue: Mortgage Lending
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
Published: Jul 22 2011 Issue: Mortgage Lending
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...
- New Poll: Broad Bipartisan Support for Financial Reform and Consumer Protections
Published: Jul 19 2011 Issue: Consumer Financial Protection Bureau
A new poll reveals that American voters broadly support the 2010 Dodd-Frank Wall Street Reform law, by a 5 to 1 margin, and across all political parties.
- Enhanced Consumer Financial Protection After the Financial Crisis
Published: Jul 19 2011 Issue: Consumer Financial Protection Bureau, Mortgage Lending
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...
- Widespread Abuse by Mortgage Servicers Hurts Homeowners, Investors, Taxpayers, Economy
Published: Jul 7 2011 Issue: Mortgage Lending
Mortgages servicers should be required to give every mortgage holder “a good-faith review of foreclosure alternatives” before taking steps to take his or her home, CRL president Michael Calhoun...
- Comments to the OCC: We Oppose Preempting State Consumer Protections on Mortgages, Credit Cards and Other Banking Products
Published: Jun 28 2011 Issue: Credit Cards, Mortgage Lending
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
Published: Jun 23 2011 Issue: Mortgage Lending
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...
- Locked Out of a Home: The Impact of a 10% Down Payment Requirement on Prospective Home Buyers
Published: Jun 22 2011 Issue: Mortgage Lending
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
Published: Apr 15 2011 Issue: Mortgage Lending
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.