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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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...

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...

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...

Comments on the Qualified-Mortgage Rule Under the Truth in Lending Act (Regulation Z)

These comments respond to the Consumer Financial Protection Bureau’s proposed amendments to the qualified-mortgage (QM) rule as it relates to 1) the importance of the QM rule, 2) why the constrained lending environment is due to factors other than QM, and 3) why they should be addressed rather than weakening QM, 4) our analysis of CFPB’s proposed evaluation, and 5)...

Comment on Enterprise Duty to Serve Plan

The Center for Responsible Lending, The Leadership Conference on Civil and Human Rights, NAACP, National Coalition for Asian Pacific American Community Development, National Fair Housing Alliance, and National Urban League file this comment in response to Fannie Mae's and Freddie Mac's (the Enterprises) proposed Underserved Markets Plans. Thank you for the opportunity to provide input on the Enterprises’ plans. The...

Fannie Mae and Freddie Mac's Proposed Underserved Markets Plans

The Center for Responsible Lending, The Leadership Conference on Civil and Human Rights, NAACP, National Coalition for Asian Pacific American Community Development, National Fair Housing Alliance, and National Urban League file this comment in response to Fannie Mae's and Freddie Mac's (the Enterprises) proposed Underserved Markets Plans. (pdf) Thank you for the opportunity to provide input on the Enterprises’ plans...

Mike Calhoun's Testimony "Principles of Housing Finance Reform"

On Thursday, June 28th, Center for Responsible Lending (CRL) President Mike Calhoun testified before the Senate Committee on Banking, Housing, and Urban Affairs for a hearing entitled "Principles of Housing Finance Reform." In his written testimony, he stated that the "goal must be to ensure that the full universe of credit worthy borrowers – regardless of where they live, including...

Comments on Duty to Serve Evaluation Guidance

The Center for Responsible Lending (CRL) filed this comment in response to FHFA's proposed evaluation guidance for the Duty to Serve Rule. The evaluation guidance is the method for FHFA to assess Fannie Mae and Freddie Mac's (the Enterprises) Duty to Serve Underserved Markets Plans. The strength and clarity of the evaluation guidance will greatly inform the Enterprises' plans. A...

Preserve the GSE Affordable Housing Goals in Housing Finance System to Ensure Fair Access for All Creditworthy Borrowers

Last week, calls were made to eliminate the GSE affordable housing goals as a means to move forward legislation to reform the secondary housing finance market. This misguided attempt is not new, and it would harm creditworthy borrowers who cannot access the mortgage credit they deserve, deny them their chance at the American Dream of homeownership, and weaken our nation’s...

Submission to the US Senate Committee on Banking, Housing, and Urban Affairs, April 2017

This proposal was created by the undersigned consumer and civil rights groups in response to the United States Senate Committee on Banking, Housing, and Urban Affairs’ (Banking Committee) request for proposals to foster economic growth. The proposals revolve around 1) promoting responsible, sustainable homeownership and other responsible lending products for borrowers from low-and moderate income (LMI) households, communities of color...
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