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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- Wall Street, Not Fannie Mae and Freddie Mac, Led the Toxic Mortgage Market
January 26, 2011
Fannie Mae and Freddie Mac were prohibited from buying subprime mortgages. Five key facts showing why we can't blame the foreclosure crisis on Fannie and Freddie.
- Joint Letter to Regulators on Elements of "Qualified Residential Mortgages"
January 25, 2011
A diverse group of national civil rights, labor and consumer organizations writes regulators to share their views with respect to the regulation of securitizers of residential mortgage loans.
- Joint Letter to Regulators Urging a Broader Definition of "Qualified Residential Mortgages."
January 14, 2011
CRL and other advocates join mortgage industry leaders in urging regulators to carefully consider how they define mortgages that will be exempt from certain rules. An overly narrow definition could unnecessarily tighten access to home loans.
- Comments to the Federal Reserve Board on Proposed Regulations Under the Truth in Lending Act [Regulation Z; Docket No. R-1390]
December 23, 2010
The National Consumer Law Center ("NCLC") respectfully submits the following comments on behalf of its low income clients, as well as Americans for Financial Reform, California Reinvestment Coalition, the Center for Responsible Lending, Consumer Action, Consumers Union, National Association of Consumer Advocates, National Community Reinvestment Coalition, National Fair Housing Alliance and the Neighborhood Economic Development Advocacy Project, regarding the Federal Reserve Board‘s proposals to revise numerous regulations under the Truth in Lending Act (―TILA‖) governing home-secured lending.
- Implementing Mortgage Rules for Financial Reform: Recommendations for Defining "Qualified Residential Mortgages" and Formulating Lending and Servicing Standards
December 21, 2010
Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act: Letter from CRL and allies with specific recommendations for mortgage and servicing standards, including how to define "qualified residential mortgages."
- Summary of Key Provisions (Mortgage Originations) in Dodd-Frank Wall Street Reform and Consumer Protection Act
December 1, 2010
Detailed description of provisions in Title XIV: “Mortgage Reform and Anti-Predatory Lending Act” Subtitles A-C: Mortgage Originations
- Robo-Signing, Chain of Title, Loss Mitigation and Other Issues in Mortgage Servicing
November 18, 2010
Senior policy counsel Julia Gordon testifies before a House Financial Services subcommittee on robo-signing and how to use all available tools to address the foreclosure crisis.
- HAMP, Servicer Abuses, and Foreclosure Prevention Strategies
October 27, 2010
Julia Gordon, CRL Senior Policy Counsel, testifies before the Congressional Oversight Panel on HAMP, servicer abuses and foreclosure prevention.
- Foreclosure as a Last Resort
October 21, 2010
States are in a strong position to stabilize the housing market and prevent unnecessary foreclosures, and the best tool available is mandatory loss mitigation.
- Testimony on Regulatory Reforms to the Community Reinvestment Act
September 9, 2010
Ellen Harnick testifies in a joint public hearing held in Atlanta, GA regarding regulatory reforms to the Community Reinvestment Act.