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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Straightening Out the Mortgage Mess: How Can We Protect Home Ownership and Provide Relief to Consumers in Financial Distress – Part 2
Committee: U.S. House Judiciary Committee Subcommittee on Commercial and Administrative Law
Legislative Proposals on Reforming Market Practices
Committee: U.S. House Committee on Financial Services
Support HR 3915: Mortgage Reform and Anti-Predatory Lending Act of 2007
Congressman Miller, Congressman Watt, and Chairman Frank introduced the "Mortgage Reform and Anti-Predatory Lending Act of 2007" on October 22, 2007. The proposed legislation addresses many abusive lending practices that contributed to today's foreclosure crisis, including reckless underwriting practices, subprime prepayment penalties, and yield-spread premiums. However, it is critical that the details of remedy and enforcement provisions are strengthened in...
Mortgage Industry making few loan modifications to help keep borrowers in their homes
On August 31, President Bush announced a White House initiative to help homeowners facing foreclosure. In his press conference, the President said, "I strongly urge lenders to work with homeowners to adjust their mortgages. I believe lenders have a responsibility to help these good people to renegotiate so they can stay in their home." Regulators have urged the same actions...
Straightening Out the Mortgage Mess: How Can We Protect Home Ownership and Provide Relief to Consumers in Financial Distress
Committee: U.S. House Judiciary Committee Subcommittee on Commercial and Administrative Law
Evolution of an Economic Crisis? The Subprime Lending Disaster and the Threat to the Broader Economy
Evolution of an Economic Crisis? The Subprime Lending Disaster and the Threat to the Broader Economy
Committee: Joint Economic Committee
Federal Trade Commission Reauthorization
Committee: U.S. Senate Subcommittee on Interstate Commerce, Trade & Tourism