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
- Don't Mandate Large Down Payments on Home Loans
Published: Mar 1 2011 Issue: Mortgage Lending
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.” ...
- Are There Government Barriers to the Housing Market Recovery?
Published: Feb 16 2011 Issue: Mortgage Lending
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...
- Wall Street, Not Fannie Mae and Freddie Mac, Led the Toxic Mortgage Market
Published: Jan 26 2011 Issue: Mortgage Lending
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"
Published: Jan 25 2011 Issue: Mortgage Lending
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."
Published: Jan 14 2011 Issue: Mortgage Lending
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...
- Comments to the Federal Reserve Board on Proposed Regulations Under the Truth in Lending Act [Regulation Z; Docket No. R-1390]
Published: Dec 23 2010 Issue: Mortgage Lending
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...
- Implementing Mortgage Rules for Financial Reform: Recommendations for Defining "Qualified Residential Mortgages" and Formulating Lending and Servicing Standards
Published: Dec 21 2010 Issue: Mortgage Lending
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...
- Summary of Key Provisions (Mortgage Originations) in Dodd-Frank Wall Street Reform and Consumer Protection Act
Published: Dec 1 2010 Issue: Mortgage Lending
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
Published: Nov 18 2010 Issue: Mortgage Lending
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
Published: Oct 27 2010 Issue: Mortgage Lending
Julia Gordon, CRL Senior Policy Counsel, testifies before the Congressional Oversight Panel on HAMP, servicer abuses and foreclosure prevention.