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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. 

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Tuesday, January 9, 2018

Supporting mortgage lending in rural communities

Nearly 74 million people, about a quarter of the United States population, live in rural areas. That includes 15 million people of color. But according to the authors of a new paper published by the Center on Regulation and Markets at Brookings, these families are often overlooked in policy discussions on proposed changes to the Government Sponsored Enterprises (GSEs), which provide the largest share of mortgage financing in rural areas. GSE mortgage financing meets a critical rural housing need, and it also supports community banks, which are often the only full-service financial institution...
Research
Mortgage Lending

Tuesday, January 9, 2018

Testimony on Legislative Proposals Before The House Financial Services Committee's Financial Institutions and Consumer Credit Subcommittee

CRL Director of Federal Advocacy, Scott Astrada, appeared before the HFSC's Financial Institutions and Consumer Credit Subcommittee on January 9th, 2018 to deliver testimony for a hearing tittled "Legislative Proposals for a More Efficient Federal Financial Regulatory Regime: Part III." He spoke on the following bills: H.R. 2683, a bill to prevent veterans' credit scores from unfairly being hurt by inaccurately reported medical debts. CRL supports supports the bill and views it as a positive step forward to protect veterans from credit reporting errors. We further encourage Congress to...
Testimony
Debt Collection & Settlement Mortgage Lending

Friday, December 15, 2017

Civil Rights, Housing Advocates Say Protect Access and Affordability in GSE Reform

Leading civil and human rights organizations and housing policy advocates are urging both the U.S. Senate Banking and House Financial Services Committees to demand that stakeholders--now excluded from current Congressional discussion on reforming the nation’s housing finance system--be expanded to include all voices and perspectives. The top policy concern of the organizations is to preserve the current system’s access and affordability provisions, especially the Affordable Housing Goals. They are also concerned that the nation’s homeownership rate is still declining and rental housing rates...
Letters to Congress
Mortgage Lending

Tuesday, December 12, 2017

Opposition to H.R. 3971 - Community Institution Mortgage Relief Act of 2017

The undersigned organizations oppose H.R. 3971, the so‐called “Community Institution Mortgage Relief Act of 2017.” This bill would create loopholes for abuse by rolling back essential consumer protections and inappropriately extending to larger institutions the carefully tailored exemptions that currently apply to community banks and other small institutions. The bill expands an existing exemption from the Real Estate Settlement Procedures Act (RESPA) for small mortgage servicers from those servicing 5,000 loans held in portfolio or in that of the affiliate to those servicing 20,000 loans...
Letters to Congress
Mortgage Lending

Monday, December 4, 2017

Letter of Opposition to S. 2155 Rollback of Dodd-Frank

The Center for Responsible Lending, the Community Reinvestment Coalition, and the National Consumer Law Center released this analysis detailing their reasons for opposing S. 2155, a bill that rolls back or eliminates Dodd-Frank's protections for consumers and for economic stability.
Letters to Congress
Mortgage Lending

Wednesday, October 25, 2017

Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform

CRL executive vice president, Nikitra Bailey, appeared before the HFSC Subcommittee on Housing and Insurance on October 25, 2017 to deliver testimony on the “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform” focusing on: Homeownership is vital for American families Congress must address the housing finance system’s legacy of discrimination Future reforms must build on the strong reforms in HERA and the new mortgage protections by Dodd-Frank and the CFPB Download the oral testimony (PDF) or the complete written testimony . (PDF)
Testimony
Mortgage Lending

Sunday, October 15, 2017

Comment on 2018-2020 FHFA Affordable Housing Goals

The Center for Responsible Lending and the undersigned consumer, civil rights, and community organizations would like to thank you for the opportunity to submit comments on the Federal Housing Finance Agency’s (FHFA) proposed rule setting the 2018-2020 Affordable Housing Goals for Fannie Mae and Freddie Mac (“Enterprises”). We appreciate FHFA’s efforts to improve strategies to ensure those from lower wealth communities have access to the market and homeownership. While we support the FHFA’s efforts, we believe that the tests proposed would set unnecessarily low goal standards and would not be...
Comment Letter
Mortgage Lending

Friday, September 29, 2017

New HMDA Data Show Despite Growing Market, African‐Americans and Latinos Remain Underserved

Enacted by Congress in 1975, the Home Mortgage Disclosure Act (HMDA) requires an annual public accounting of the nation’s mortgage lending. Its data provides critical information for both the public and financial sectors by alerting the nation to trends on the groups of Americans that are actually receiving mortgage loans from financial institutions. For the third straight year, CRL’s HMDA analysis finds that mortgage lending overall has not been affected by lending rules like the Ability-to-Repay and Qualified Mortgages, also known as QM. Instead, lending trends show incremental increases...
Research
Mortgage Lending

Tuesday, September 12, 2017

North Carolina Legislative Wrap-Up September 12, 2017

Our top priorities for the 2017 NC General Assembly session were to keep payday and car title lenders out of North Carolina, to defend our strong debt buyer and debt collection protections and our strong mortgage lending protections, and to look for opportunities to strengthen other lending protections while guarding against any proposals to weaken them. This 2017 session of the NC General Assembly was dominated by attempts to weaken Gubernatorial powers, address fallout from the “bathroom bill”, and redraw state district maps under court order. But legislators still found time to help...
Bill Law
Consumer Finance Mortgage Lending

Tuesday, September 5, 2017

Comments on Proposed Rule Setting the 2018-2020 Affordable Housing Goals for Fannie Mae and Freddie Mac

First, we note that the affordable housing goals are part of the FHFA’s clearly laid out mission to reach underserved communities and that increasing access to mortgage credit in these communities is essential to the housing recovery. Second, we recommend that the FHFA maintain the two-part test, and strongly urge that the FHFA set a higher benchmark standard and require that both standards be matched or surpassed. Third, we contend that how FHFA addresses findings of failure to meet a metric is critical and recommend the FHFA act more assertively to enforce procedures in the Housing and...
Comment Letter
Mortgage Lending

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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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