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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Response to NHEMA's "Analysis of 1st Quarter 2004 Mortgage Lending in New Jersey and Pennsylvania"

Response to NHEMA's "Analysis of 1st Quarter 2004 Mortgage Lending in New Jersey and Pennsylvania"

On September 15th, 2004, the National Home Equity Mortgage Association (NHEMA) released a report by Professors Richard DeMong and Richard Netemeyer of the University of Virginia that asserts that New Jersey's Homeownership Protection Act of 2002 has decreased access to credit for non-prime borrowers in the state. The authors assert that non-prime lending was lower and comprised a smaller share...
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Research
Mortgage Lending

Analysis of OCC Guidelines Establishing Standards for Residential Mortgage Lending Practices

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...
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Comment Letter
Mortgage Lending

Prepayment Penalties Convey No Interest Rate Benefits on Subprime Mortgages

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 --...
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Research
Mortgage Lending

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

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 --...
More
Research
Mortgage Lending
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