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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. 

Filter Results

Tuesday, May 24, 2005

Legislative Solutions to Abusive Mortgage Lending Practices

Committe: House Subcommittees on Financial Institutions and Consumer Credit; Housing and Community Opportunity
Testimony
Mortgage Lending

Wednesday, April 13, 2005

The Federal Home Loan Bank System

Committee: Senate Committee on Banking, Housing, and Urban Affairs
Testimony
Mortgage Lending

Tuesday, March 29, 2005

Predatory Lending and its Impact on the Military and Local Communities

Committe: House Subcommittee on Rural Enterprise, Agriculture and Technology, Kansas City, MO
Testimony
Mortgage Lending

Friday, February 11, 2005

Each payment on a loan with an excessive origination fee violates North Carolina law

Amicus Brief
Mortgage Lending

Thursday, February 3, 2005

Analysis of OCC Guidelines Establishing Standards for Residential Mortgage Lending Practices

While we are heartened that the OCC has recognized many of the issues raised by state anti-predatory lending efforts in recent years, the OCC's guidance for national banks is no substitute for meaningful and effective legislative efforts at the state and federal level. Further, we are disappointed that the OCC does not identify some practices as clearly predatory and take a stronger stance on enforcing rules that prohibit banks from engaging in predatory lending. The Guidelines demonstrate recognition of some predatory lending issues, but are insufficient to protect homeowners from abusive...
Comment Letter
Mortgage Lending

Thursday, January 13, 2005

Prepayment Penalties Convey No Interest Rate Benefits on Subprime Mortgages

Prepayment Penalties Impact Minority Neighborhoods Click here to visit our tutorial , which walks you through a Truth in Lending disclosure form, and educate yourself. For years, subprime lenders have defended prepayment penalties by claiming that borrowers with penalties get a lower interest rate. Now, groundbreaking research by CRL shows that borrowers get no rate benefits with subprime prepayment penalties -- and that residents in minority neighborhoods have much greater odds of receiving such penalties. Prepayment penalties (fees for paying off mortgage loans early) are almost nonexistent...
Research
Mortgage Lending

Thursday, January 13, 2005

Borrowers in Higher Minority Areas More Likely to Receive Prepayment Penalties on Subprime Loans

Prepayment Penalties Impact Minority Neighborhoods Click here to visit our tutorial , which walks you through a Truth in Lending disclosure form, and educate yourself. For years, subprime lenders have defended prepayment penalties by claiming that borrowers with penalties get a lower interest rate. Now, groundbreaking research by CRL shows that borrowers get no rate benefits with subprime prepayment penalties -- and that residents in minority neighborhoods have much greater odds of receiving such penalties. Prepayment penalties (fees for paying off mortgage loans early) are almost nonexistent...
Research
Mortgage Lending

Wednesday, June 23, 2004

Promoting Homeownership by Ensuring Liquidity in the Subprime Mortgage Market

Prepared Testimony of Michael D. Calhoun, General Counsel, Center for Responsible Lending before Subcommittee on Financial Institutions and Consumer Credit Subcommittee on Housing and Community Opportunity Joint Hearing.
Testimony
Mortgage Lending

Friday, June 18, 2004

Prepayment Penalties in Subprime Loans

EACH YEAR, PREPAYMENT PENALTIES IN SUBPRIME LOANS CAUSE 850,000 FAMILIES TO LOSE $2.3 BILLION IN HOME EQUITY WEALTH. The Penalty for Improved Credit Consider this typical scenario: An African-American family gets a subprime mortgage loan for $150,000 with a 12% interest rate. After making timely payments for three years, they realize they can qualify for a better loan. However, when the family tries to refinance, they discover their existing loan comes with a hefty prepayment penalty -- adding up to 5% of their loan balance, or about $7,500*. The family is forced to choose between paying the...
Research
Mortgage Lending

Wednesday, April 7, 2004

Review of the National Bank Preemption Rules

Testimony of Martin Eakes, Chief Executive Officer of the Center for Responsible Lending before the Senate Committee on Banking, Housing and Urban Affairs hearing On the Office of the Comptroller of the Currency's Rules on National Bank Preemption and Visitorial Powers
Testimony
Mortgage Lending

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© 2023 Center for Responsible Lending. 
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Center for Responsible Lending 
302 West Main Street, 
Durham, NC 27701 
(919) 313-8500 

District of Columbia Office 
910 17th Street NW, Suite 800, 
Washington, DC 20006 
(202) 349-1850 

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1970 Broadway Suite 350, 
Oakland, CA 94612 
(510) 379-5500

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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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