Today's housing crisis was made possible by weak rules and poor enforcement. As policymakers consider regulatory reform, we focus on three broad goals: stronger rules to restore common sense standards; preserving the states' ability to protect its citizens from predatory lending; and more disclosure and transparency among lenders.
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- CRL Comment to CFPB on Ability to Repay Standards under the Truth in Lending Act (Regulation Z)
February 25, 2013
CRL and allies comment on CFPB proposal that addresses two issues critical to the future of safe, sustainable, and affordable access to mortgage credit. First, it considers how to define compensation for the purpose of calculating the points and fees cap contained in the qualified mortgage definition. Second, it proposes a series of exemptions for specialized lending programs and financial institutions.
- CRL Response to CoreLogic Analysis of Qualified Mortgage (QM) Standards
February 20, 2013
CRL identifies some problems with CoreLogic's QM analysis of the percent of mortgage loans that would not meet QM standards
- Qualified Mortgage Rulemaking: Protecting Borrowers from the Next Lending Crisis
January 10, 2013
The Dodd‐Frank Wall Street Reform and Consumer Protection Act requires lenders to determine whether borrowers can repay a mortgage before that transaction takes place -- by making loans that meet a “Qualified Mortgage” (QM) standard. This CRL factsheet describes the key QM provisions in the final rule issued by the Consumer Financial Protection Bureau.
- CRL Comments To the Consumer Financial Protection Bureau RE: Truth in Lending Act (Regulation Z) and Loan Originator Compensation
October 16, 2012
CRL affirms that limits on loan originator compensation contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act and in Regulation Z are important consumer protections that fundamentally improve the mortgage market, and offers some suggestions for improving standards proposed by CFPB.
- Making Mortgage Servicing More Effective: Comments to the CFPB
October 9, 2012
In comments submitted to the Consumer Financial Protection Bureau, CRL makes a number of recommendations to help ensure loan servicers give distressed mortgages a timely, efficient and comprehensive review to mitigate losses. The CFPB's proposed rulemaking is under the Real Estate Settlement Procedures Act (RESPA).