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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HAMP, Servicer Abuses, and Foreclosure Prevention Strategies

HAMP, Servicer Abuses, and Foreclosure Prevention Strategies

"We must address the foreclosure problem head-on with every tool available," Senior Policy Counsel Julia Gordon says as part of her testimony before the Congressional Oversight Panel. The testimony covered HAMP strengths and weaknesses, common loan servicing abuses, and specific policy recommendations for reining in continuing foreclosures.
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Testimony
Mortgage Lending

Foreclosure as a Last Resort

Foreclosure as a Last Resort

Read the full report >> States can stabilize the housing market by preventing unnecessary foreclosures. With the foreclosure crisis in the headlines for over two years now, it is easy to assume that it must be nearing the end. Unfortunately, this crisis is far from over. To date, 2.5 million homeowners have already lost their homes and another 5.7 million...
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Research
Mortgage Lending

SB 1216 Extend Emergency Foreclosure Program

SB 1216 Extend Emergency Foreclosure Program

SB 1216 has two major components. First, it continues the State Home Foreclosure Prevention Project (SHFPP) through May 31, 2013 and expands the program to cover all NC home loans not just subprime loans. Second, it modifies the points & fees trigger for determining if a mortgage is high-cost. State Home Foreclosure Prevention Project Continued & Expanded This law continues...
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Research
Mortgage Lending

SB 1015 Homeowner and Homebuyer Protection Act

SB 1015 Homeowner and Homebuyer Protection Act

SB 1015 protects NC homeowners from a range of predatory practices. The law addresses three main issues: foreclosure rescue scams, abusive lease-option contracts, and abusive contract for deed/land installment sales. Foreclosure Rescue Scams The law cracks down on foreclosure rescue scams where the scammer takes title to the property without taking any responsibility for the mortgage. The law requires that...
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Research
Mortgage Lending

SB 1400 Foreclosure Process for Active Duty Military

SB 1400 Foreclosure Process for Active Duty Military

SB 1400 requires that foreclosures must proceed through the judicial foreclosure process (rather than power of sale) when the homeowner is on active military duty and the mortgage was entered into prior to active duty service. The bill is meant to complement the Servicemembers Civil Relief Act (SCRA). SCRA already required that a hearing be held before a judge to...
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Bill Law
Mortgage Lending

A National Tragedy: HMDA Data Highlight Homeownership Setbacks for African Americans and Latinos

A National Tragedy: HMDA Data Highlight Homeownership Setbacks for African Americans and Latinos

Borrowers of color have a higher share of foreclosures and less access to credit. In many ways, this year's 2009 mortgage data submitted by lenders under the Home Mortgage Disclosure Act (HMDA) contained few surprises. As expected, the 2009 results reflect the general downturn in the housing market. And, because of the severe tightening of mortgage capital among the GSEs...
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Research
Mortgage Lending

Testimony on Regulatory Reforms to the Community Reinvestment Act

Testimony on Regulatory Reforms to the Community Reinvestment Act

CRL Senior Policy Counsel Ellen Harnick testifies in a joint public hearing held in Atlanta, GA regarding regulatory reforms to the Community Reinvestment Act, and urges the following improvements to CRA: 1. Broaden CRA assessment areas to reflect the actual scope of bank activity. 2. Require that the activities of bank affiliates count toward the CRA rating of their parent...
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Testimony
Mortgage Lending

Consumer Financial Protection Bureau--Overview of Key Provisions

Consumer Financial Protection Bureau--Overview of Key Provisions

Structure Independent bureau at the Federal Reserve. Director Appointed by President, Confirmed by Senate, 5-year term. Funding Certain percentage of Federal Reserve's budget; additional funding may be made available through Congressional appropriations, at the option of the CFPB Director. Three categories of regulatory duties Rulemaking Supervision (routine, on-going examination and monitoring for risks and new developments, as well as on-going...
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Research
Mortgage Lending

Consumer Financial Protection Bureau--Overview of Key Provisions

Consumer Financial Protection Bureau--Overview of Key Provisions

Structure Independent bureau at the Federal Reserve. Director Appointed by President, Confirmed by Senate, 5-year term. Funding Certain percentage of Federal Reserve's budget; additional funding may be made available through Congressional appropriations, at the option of the CFPB Director. Three categories of regulatory duties Rulemaking Supervision (routine, on-going examination and monitoring for risks and new developments, as well as on-going...
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Mortgage Lending
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