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 Comments to the Consumer Financial Protection Bureau on RESPA and TILA (Regulations X and Z)
September 7, 2012
CRL offers supports the Bureau's consumer protection proposal for mortgage rules and disclosures for high-cost (HOEPA) loans. But it urges CFPB to be vigilant about evasions of HOEPA and to adopt a regulation that is expansive enough to capture all loans structured to evade HOEPA.
- Qualified Residential Mortgages: Down Payment Rules Threaten Home Buyers—and the Economy
August 31, 2012
The housing market of the future can drive economic growth without shutting out responsible home buyers. Find reports, data and other resources on Qualified Residential Mortgages.
- A Government-Mandated 10% Down Payment: Bad for Families, the Housing Market and the Economy
August 31, 2012
Decades of lending have shown that low down payment lending can be successful. Excluding millions of good borrowers from the mainstream mortgage market would be a serious mistake.
- Letter to Regulators on Down Payments (QRM Requirements)
August 30, 2012
CRL and six other organizations submit comments to regulators explaining why government-mandated down payments would be damaging to lower- and middle-income families and the housing market as a whole.
- "Qualified Residential Mortgages" -- the Negative Impact of a Government-Mandated 10 Percent Down Payment
August 29, 2012
On August 29, 2012, CRL and several other organizations submitted a letter to federal and financial regulators opposing a government-mandated down payment requirement as part of the pending definition of “Qualified Residential Mortgages (QRMs).” Regulators are considering imposing minimum down payment requirements as part of QRM standards. While much has been written on the barriers to homeownership that would result from the 20 percent down payment requirement included in regulators’ April 2100 proposed rule, there has been less commentary on a possible 10 percent down payment.
- Comments on Enterprise Housing Goals
July 31, 2012
The Center for Responsible Lending, Consumer Federation of America, and Empire Justice Center submitted comments to the Federal Housing Finance Agency on a proposed rule for the 2012-2014 Enterprise Housing Goals. "It is critical that FHFA continue to focus on its responsibility of ensuring that the Enterprises serve the entire housing market." The Enterprises can do this while fostering a liquid, competitive and strong housing market.
- No Credit Crunch: The CFPB and Consumer Access to Credit
July 24, 2012
Mike Calhoun, CRL President, testified that lack of regulation led to the foreclosure crisis. The Dodd-Frank reforms and CFPB are important reforms to prevent a future housing crisis, and will be good for consumers and the safety and soundness of our consumer finance system. Testimony was before a subcommittee of the House Committee on Oversight and Government Reform.
- The Impact of Dodd-Frank's Home Mortgage Reforms
July 11, 2012
CRL Senior Vice President Eric Stein emphasized the importance of defining "Qualified Mortgage" broadly to avoid shutting out creditworthy borrowers from the mortgage market. He recommended that QM include the use of specific "bright-line" standards so that lenders and borrowers are clear on which loans qualify as QMs. He also made the case for allowing borrowers to pursue legal action if an alleged QM loan failed to meet the appropriate standards from the outset. This testimony was presented before the House of Representatives Committee on Financial Services - Subcommittee on Financial Institutions and Consumer Credit.
- Expanding, Streamlining Mortgage Refinances
June 27, 2012
The Boxer-Menendez bill to expand refinances offers a bipartisan opportunity to help homeowners and boost the economy. The bill would more than double the number of homeowners who could refinance under the Home Affordable Refinance Program (HARP) and also more than double their savings, according to research by the Columbia University Business School.
- California Foreclosure Statistics: The Crisis is Not Over
April 26, 2012
Compilation of California foreclosure statistics through 2011 from a variety of sources, including Center for Responsible Lending, DataQuick and the Mortgage Bankers Association.