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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Analysis of HR 6076

HR 6076: Home Retention and Economic Stabilization Act Why is H.R. 6076 needed? Approximately 20,000 subprime foreclosures are starting every week, and the situation is projected to get worse. The rate of foreclosures continues to accelerate, despite the efforts of programs like HOPE NOW, which encourage lenders and servicers to avoid unnecessary foreclosures by voluntarily modifying loan terms to make...

Steered Wrong: Brokers, Borrowers, and Subprime Loans

"Steered Wrong" Executive Summary In recent years, a majority of subprime loans made in the United States have been originated by mortgage brokers, who can properly be characterized as the "engine" of the subprime market. The rapid growth of subprime lending was fueled by thousands of mortgage brokers across the country delivering billions of dollars of subprime loans to mortgage...
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