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Mortgage Lending

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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Tuesday, May 11, 2021

Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X

The Center for Responsible Lending (CRL) and the National Community Stabilization Trust (NCST) appreciate the opportunity to comment on the Consumer Financial Protection Bureau’s proposed rule on Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X. Our organizations strongly support the Bureau’s goals of preventing avoidable foreclosures and maximizing home retention. However, we believe the proposed rule as drafted will not achieve the stated goals. The Bureau proposes a pre-foreclosure review period through the...
Comment Letter
Mortgage Lending

Thursday, April 22, 2021

Potential changes to the FHA COVID-19 modification options to keep more borrowers in their homes

Millions of homeowners across the country are having difficulty affording their monthly mortgage payments because of the COVID-19 pandemic. The most vulnerable group of borrowers is concentrated within the Federal Housing Administration (FHA) program, with over 900,000 borrowers who are more than 90 days delinquent. While the CARES Act provided homeowners with access to a mortgage forbearance and while subsequent FHA policy actions have extended these periods, forbearance is an inherently temporary solution. Ultimately, what will determine whether these homeowners are able to stay in their...
Policy & Legislation
Mortgage Lending

Wednesday, April 21, 2021

Hardship for Renters: Too Many Years to Save for Mortgage Down Payment and Closing Costs

Saving for a mortgage down payment is a significant barrier to homeownership that particularly hits communities of color. We calculate how long it would take for a typical renter household to save for a mortgage down payment and closing costs for a median-priced house (“Years to Save”) and further disaggregate these calculations by race/ethnicity, household type, location, and occupation. We also discuss the impact of student loan borrowing on wealth and liquid savings for young households that have attained at least a bachelor’s degree and the likely impact on Years to Save of repaying...
Research
Mortgage Lending

Monday, April 19, 2021

Comment to the Federal Housing Finance Agency on Request for Input on Climate and Natural Disaster Risk Management at the Regulated Entities

The Center for Responsible Lending (CRL) and the Center for Community Self-Help (Self-Help) appreciate the opportunity to comment on the Federal Housing Finance Agency’s (FHFA) Request for Input on Climate and Natural Disaster Risk Management at the Regulated Entities. CRL is a nonprofit, non-partisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is an affiliate of Self-Help, one of the nation’s largest nonprofit community development financial institutions. For over 40 years, Self-Help has...
Comment Letter
Consumer Finance Mortgage Lending

Tuesday, March 16, 2021

Testimony: Home = Life: The State of Housing in America

On March 16, 2021, Nikitra Bailey testified in front of the Committee on Banking, Housing, and Urban Affairs during a hearing entitled, "Home = Life: The State of Housing in America." Her written testimony as well as her oral remarks are available for download. Watch Nikitra Bailey's opening remarks and the entire hearing:
Testimony
Mortgage Lending

Wednesday, March 10, 2021

Testimony: Justice for All: Achieving Racial Equity Through Fair Access to Housing and Financial Services

On March 10, 2021, Nikitra Bailey testified before the House Financial Services Committee. Her written testimony as well as her oral remarks are available for download. Watch her opening remarks and the entire hearing:
Testimony
Mortgage Lending

Tuesday, March 9, 2021

Comment to the Federal Housing Finance Agency on Resolution Planning Notice of Proposed Rulemaking

From the comment: The Center for Responsible Lending (CRL) appreciates the opportunity to comment on the Federal Housing Finance Agency’s (FHFA) Resolution Planning proposed rule. FHFA seeks comment on a proposal that would require Fannie Mae and Freddie Mac (GSEs) to develop plans to facilitate their rapid and orderly resolution in the event FHFA is appointed receiver pursuant to 12 U.S.C. 4617. Such a resolution plan, also known as a living will, is to ensure that there is a contingency plan for how a large financial institution will sell off assets or be liquidated without causing turmoil...
Comment Letter
Mortgage Lending

Sunday, February 28, 2021

Comment to the Federal Housing Finance Agency on Enterprise Housing Goals Advance Notice of Proposed Rulemaking

The Center for Responsible Lending (CRL)1 appreciates the opportunity to comment on the Affordable Housing Goals Advance Notice of Proposed Rulemaking. In exchange for government support, Fannie Mae and Freddie Mac (GSEs) have an explicit public interest mission. This mission is foundational and part of their charters – the GSEs’ very reason for existing.2 The mission includes promoting access to mortgage credit to underserved borrowers, including Black and brown families, serving a countercyclical role in the mortgage market, and FHFA’s duty to reasonably support the safety and soundness of...
Comment Letter
Mortgage Lending

Tuesday, February 16, 2021

Comment to the Federal Reserve Board: Modernizing Community Reinvestment Act (CRA) Regulations

The Center for Responsible Lending and Self-Help filed a joint comment to the Federal Reserve Board on its Advance Notice of Proposed Rulemaking on regulations that implement the Community Reinvestment Act (CRA). Read the full comment.
Comment Letter
Mortgage Lending

Friday, January 8, 2021

Comment to the Federal Housing Finance Agency on Prior Approval for Enterprise Products

CRL urges FHFA to provide for a streamlined approval process for the GSEs to submit new activities that do not rise to the level of a new product. Otherwise, given the proposed rule’s extraordinarily broad definition of a new activity, the GSEs will be stymied from pursuing new endeavors by excessive red tape and overly burdensome documentation requirements. A streamlined process is particularly important to encourage innovation in creating additional affordable housing activities and pilots, as well as offer new loss mitigation options for borrowers in a time of crisis such as the COVID‐19...
Comment Letter
Mortgage Lending

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Center for Responsible Lending 
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Building on Over 40 Years of Lending Experience

CRL’s expertise gives it trusted insight to evaluate the impact  of financial products and policies on the wealth and economic stability of Asian, Black, Latino, rural, women, military, low-wage, low-wealth, and early-career workers and communities.

CRL is an affiliate of Self-Help, one of the nation’s largest nonprofit community development financial institutions. Our work leverages the strength of partnerships with national and local consumer and civil rights organizations.

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