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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- Why a Federal Consumer Protection Watchdog Matters to the States
April 16, 2010
Financial companies are lobbying hard to strip states' rights to make and enforce consumer protection rules, but states must stay on the front lines of fighting predatory lending.
- Comments to the Federal Trade Commission on Mortgage Assistance Relief
March 30, 2010
The need for mortgage relief continues to grow, but too often companies that promise mortgage assistance relief services (MARS) turn out to be scammers. CRL and its allies recently submitted comments to the Federal Trade Commission, which is considering tighter rules to ensure that people who pay for mortgage assistance actually have a fair chance of receiving help.
- Comparison of Consumer Financial Protection Agency Bills
March 18, 2010
How Does Dodd’s Latest Financial Reform Bill Measure Up On Consumer Protection? Comparison of Senate, House, and Administration CFPA Bills from Think Progress: http://wonkroom.thinkprogress.org/2010/03/15/cfpa-chart/.
- Consumer Financial Protection Agency (Additional Resources)
March 1, 2010
Financial Reform: Learn more about the CFPB/CFPA and other efforts to reform the financial system.
- Foreclosures Continue: What Needs to Change in the Government's Response?
February 25, 2010
Testimony on the government's response to continuing foreclosures by Julia Gordon before the U.S. House of Representatives Committee on Oversight and Government Reform Subcommittee on Domestic Policy.
- To Prevent Foreclosures, Eliminate Penalty Tax On Mortgage Relief
February 1, 2010
When homeowners are at risk of losing their home to foreclosure, the last thing they need is an extra tax bill. Congress needs to fix the 2007 Mortgage Forgiveness Debt Relief Act so that homeowners receive relief as intended.
- Reckless Lending and Toxic Products Caused the Foreclosure Crisis
January 13, 2010
Julia Gordon, CRL Sr. Policy Counsel, testifies before the Financial Crisis Inquiry Commission on the causes and effects of the foreclosure crisis and why we need more and better responses.
- Federal Reserve Should Ban Mortgage Kickbacks
December 24, 2009
In a comment letter to the Federal Reserve Board, CRL recommends strengthening proposed rules to ban routine kickbacks on home loans that already have cost Americans billions of dollars.
- The Private Sector and Government Response to the Mortgage Foreclosure Crisis
December 8, 2009
Julia Gordon, CRL Sr. Policy Counsel, testifies before the House Financial Services Committee on why we need a stronger, multi-pronged approach to stopping the mortgage foreclosure epidemic
- End Predatory Pricing on Home Loans (Yield-Spread Premiums)
December 7, 2009
The Federal Reserve is considering rules to restrict mortgage brokers and lenders from giving borrowers loans with higher interest rates than necessary and earning "yield-spread premium" kickbacks in exchange.