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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Office of Management and Budget RFI: Methods and Leading Practices for Advancing Equity and Support for Underserved Communities Through Government

Office of Management and Budget RFI: Methods and Leading Practices for Advancing Equity and Support for Underserved Communities Through Government

From the letter to Acting Director Shalanda Young, Office of Management and Budget We the undersigned civil rights and consumer advocacy organizations are writing in response to the Office of Management and Budget’s May 5, 2021, Request for Information on Methods and Leading Practices for Advancing Equity and Support for Underserved Communities Through Government. We applaud the OMB for seeking...
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Letters to Congress
Consumer Finance Mortgage Lending

Urging HUD to Extend the Foreclosure Moratorium and Deadline to Request Forbearance for FHA Borrowers

Urging HUD to Extend the Foreclosure Moratorium and Deadline to Request Forbearance for FHA Borrowers

From the letter to Secretary Marcia L. Fudge: On behalf of the clients and communities we represent, the 155 undersigned organizations are writing regarding the FHA foreclosure moratorium and the deadline for FHA borrowers to access COVID-19 forbearance plans, both of which expire on June 30, 2021, pursuant to Mortgagee Letter 2021-05. We urge HUD to extend the foreclosure moratorium...
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Letters to Congress
Mortgage Lending

First Generation: Criteria for a Targeted Down Payment Assistance Program

First Generation: Criteria for a Targeted Down Payment Assistance Program

This proposal for a national Down Payment Assistance (DPA) program was developed by the Center for Responsible Lending and the National Fair Housing Alliance from the perspective of providing the U.S. Congress with a framework for establishing a Targeted Downpayment Assistance Program to close the wealth and homeownership gaps. However, the elements of this proposal can be adapted for use...
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Research
Mortgage Lending

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

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...
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Comment Letter
Mortgage Lending

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

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...
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Policy & Legislation
Mortgage Lending

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

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...
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Research
Mortgage Lending

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

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...
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Comment Letter
Mortgage Lending Clean Energy Transition

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

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...
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Comment Letter
Mortgage Lending
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