Mortgage Lending

Home ownership has been the primary means for most American families to build and pass on inter-generational wealth. However, government-sanctioned racial discrimination in housing and mortgage finance markets robbed many families of this opportunity, and today’s racial homeownership gap is barely changed from the levels of more than 50 years ago. Closing the homeownership gap is essential to closing the racial wealth gap.  Additionally, predatory mortgage lending practices drained trillions in wealth from families, especially Black, Latino, low wealth and low-income Americans. CRL successfully advocated for the Dodd-Frank Wall Street Reform and Consumer Protection Act, which has made the mortgage market far safer for consumers. CRL is building on this progress by working to ensure that all credit-worthy borrowers have access to fair, affordable, and sustainable mortgages. And that policy makers and market participants develop solutions that are appropriate to respond to the scale of this housing crisis. 

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Foreclosure Reduction Act: CRL Refutes California Bankers Association's Flawed Claims

Foreclosure Reduction Act: CRL Refutes California Bankers Association's Flawed Claims

The Foreclosure Reduction Act (AB 278 & SB 900) is designed to provide Californians with better safeguards and fair treatment in the foreclosure process. The California Bankers Association and other industry groups recently released a flawed report purporting to show how the bill will extend the foreclosure process and have detrimental economic consequences. The proponents' claims are unsubstantiated and are...
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Mortgage Lending

Expanding, Streamlining Mortgage Refinances

Expanding, Streamlining Mortgage Refinances

A Bipartisan Opportunity to Help Homeowners (Excerpt) Read the entire document (PDF) >> A bill in the U.S. Senate would more than double the number of homeowners who could refinance under a federal mortgage program and more than double their potential savings, a Columbia University Business School study estimates. Senate bill 3085, introduced by Senators Robert Menendez and Barbara Boxer...
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Mortgage Lending

California Foreclosures: New Data Support Policy Reforms to Encourage Effective Loan Modifications and Prevent Avoidable Foreclosures

California Foreclosures: New Data Support Policy Reforms to Encourage Effective Loan Modifications and Prevent Avoidable Foreclosures

Read the press release >> Although the national foreclosure crisis is now in its fifth year, it is far from over—particularly for California. The Center for Responsible Lending estimates that there are still nearly 700,000 California homeowners who are at least 30 days delinquent or in the foreclosure process. While not all of these impending foreclosures can or should be...
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Mortgage Lending

Compromises in the California Homeowner Bill of Rights

Compromises in the California Homeowner Bill of Rights

During the course of negotiations, the Joint Conference Committee on Mortgage Foreclosures has substantially narrowed the scope of the bill and limited the protections to borrowers relative to the version of the bills that were before the Assembly and Senate Banking Committees earlier this year. Specific changes include: Narrower Scope of Coverage: the final bill includes a number of changes...
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Mortgage Lending

California Homeowner Bill of Rights Summary

California Homeowner Bill of Rights Summary

California is only halfway through the foreclosure crisis, with more than 670,000 California households at risk of foreclosure: Data from CRL's report, Lost Ground, 2011 show that 9.3 percent of all loans originated between 2004 and 2008 – 581,000 – have already resulted in completed foreclosure, but that another 8.9 percent (549,000) were at immediate risk of foreclosure. At the...
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Mortgage Lending

Effects of the California Foreclosure Crisis on African Americans and Latinos

Effects of the California Foreclosure Crisis on African Americans and Latinos

As the nation struggles through the sixth year of the foreclosure crisis, there are no signs that the flood of home losses in America will recede anytime soon. California, through its African-American and Latino homeowners in particular, has and will continue to suffer dramatic losses of both homes and wealth, and will see an erosion of decades of socioeconomic progress...
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Mortgage Lending

California Foreclosure Statistics: The Crisis is Not Over

California Foreclosure Statistics: The Crisis is Not Over

California foreclosure statistics show record losses in recent years are likely to continue into the future On average, more than 500 California families have lost their homes every day since 4Q 2007, and the data show few signs of a return to the pre-crisis housing market. California foreclosure activity remains elevated, with more than 30,000 completed foreclosures each quarter, compared...
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Mortgage Lending
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