Research & Analysis
Back in 2001, we estimated that predatory mortgage lending cost consumers $9.1 billion every year. Since then, the market for subprime home loans surged, then exploded, and it has become painfully clear that the total cost of bad lending practices is almost incalculable. Still, we keep trying. In recent years our research has focused on topics such as trends in the subprime market, racial disparities in lending, and an assessment of predatory lending laws in the states. Visit us often to stay up-to-date on our latest findings, including periodic assessments of reports issued by lenders and regulatory agencies.
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- CRL to Regulators: Align Qualified Mortgage (QM) and Qualified Residential Mortgage (QRM) Rules
June 28, 2013
As regulators move to define Qualified Residential Mortgages (QRMs), CRL urges the same standard that CFPB defined for Qualified Mortgages (QM).
- Dodd-Frank Act Balances Access to Credit and Key Protections
June 18, 2013
Michael Calhoun, CRL President, testified before a House Financial Services Subcommittee on Dodd-Frank's impact on homeownership. He said that, as a whole, these rules expand access to credit while ensuring that loans are sustainable for borrowers.
- Comparing Dual Track Foreclosure Restrictions
June 13, 2013
CRL compares the dual track foreclosure restrictions and requirements in the National Mortgage Settlement, the California Homeowner Bill of Rights and related rules from the Consumer Financial Protection Bureau.
- Minority Homeownership Study Has Flawed Methodology and Conclusions
June 13, 2013
CRL rebuts working paper on minority homeownership, citing fundamental flaws and conclusions.
- CRL Comment to CFPB on Amendments to 2013 Mortgage Rule
June 3, 2013
- Consumer Advocates Urge FHFA to Curb Lender-Placed Insurance Problems
May 28, 2013
In this comment to the Federal Housing Finance Agency (FHFA), CRL and seven allies comment on proposed practice limitations and broader recommendations regarding lender-placed insurance (LPI). LPI markets are characterized by reverse competition in which LPI premiums paid by mortgage servicers and LPI amounts subsequently charged to borrowers and investors areinflated because LPI insurers/vendors compete for the servicers’ business by providing considerations – kickbacks – to the servicers and including the cost of these considerations in the LPI premiums and LPI amounts charged to borrowers and investors. The extent of the overcharges is demonstrated by the very low loss ratios (claims incurred divided by premiums earned) of LPI compared to loss ratios for homeowners insurance. LPI charges to borrowers and investors are at least twice the reasonable cost of providing LPI. In addition, excessive LPI charges to borrowers and the government-sponsored enterprises (GSEs) are a source of servicer-induced foreclosures, and such excessive charges are also inconsistent with the mission and affordable housing goals of the GSEs. For these reasons, CRL and its allies support the direct purchase by GSEs of LPI and insurance tracking services and support prohibitions against kickbacks from LPI insurers/vendors to mortgage servicers.
- HR 1077 Would Weaken Mortgage Reforms in Dodd-Frank
May 20, 2013
Congress should not allow high fees and loopholes to return to mortgage lending. HR.1077 will lead to more expensive and dangerous loans for borrowers.
- Closing the Gaps: What States Should Do to Protect Homeowners From Foreclosure
April 8, 2013
This brief urges state actions to prevent avoidable foreclosures with a Homeowner Bill of Rights
- Consumer Advocates Urge HAMP Extension
March 26, 2013
National and statewide consumer groups are urging that the Home Affordable Modification Program (HAMP) be extended, citing success in foreclosure prevention and modification.
- Analysis of the Report of the Monitor of the National Mortgage Settlement
March 20, 2013
CRL's analysis of "Ongoing Implementation",a report on 2012 efforts under the National Mortgage Settlement to halt foreclosures through loan modifications, and other assistance.