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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Judicial Modification of Loans Would Save 600,000 Homes: Purchase of Securities Will Save None
Proposed financial bailout bill will not help people save their homes. The government proposes to purchase hundreds of billions of dollars of illiquid mortgage-related assets as a response to this country's financial crisis. The vast majority of these assets are securities issued privately through Wall Street that are backed by subprime or Alt A home loans, meaning that the government...
Federal Ownership of Troubled Securities Alone Will Not Stop Foreclosures that Drag Down the Economy
Federal Ownership of Troubled Securities Alone Will Not Stop Foreclosures that Drag Down the Economy
Allowing the Federal government to purchase illiquid mortgage-backed securities (MBS) has been presented as a comprehensive solution to the economic crisis, but it has a serious flaw. This plan will NOT increase loan modifications that prevent foreclosures. Large-scale loan modifications—adjusting the terms of a loan to make it affordable—is the only way to prevent massive foreclosures still ahead. Under the...
HUD’s Proposed RESPA Rule
Committee: U.S. House of Representatives Committee on Financial Services Subcommittee on Oversight and Investigations
The Mortgage Crisis Today: How Far Have We Come and Where Do We Need to Go?
Committee: California State Assembly Banking and Finance Committee
The Mortgage Crisis Today: How Far Have We Come and Where Do We Need to Go?
Download Paul Leonard's Presentation >> Committee: California State Assembly Banking and Finance Committee
A Review of Mortgage Servicing Practices and Foreclosure Mitigation
Committee: U.S. House of Representatives Committee on Financial Services For questions about this testimony, contact Julia Gordon at julia.gordon@responsiblelending.org or (202) 349-1878.
IndyMac: What Went Wrong: How an “Alt-A” Leader Fueled Its Growth With Unsound and Abusive Mortgage Lending
CRL has uncovered substantial evidence that IndyMac Bank engaged in unsound and abusive lending during the mortgage boom, routinely making loans without regard to borrowers' ability to repay. CRL interviews with former employees and lawsuits in 10 states indicate that IndyMac: pushed through loans based on bogus appraisals and income data that exaggerated borrowers' finances, worked hand-in-hand with mortgage brokers...