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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Opposition to H.R. 3971 - Community Institution Mortgage Relief Act of 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...
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Letters to Congress
Mortgage Lending

Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform

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...
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Testimony
Mortgage Lending

Comment on 2018-2020 FHFA Affordable Housing Goals

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...
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Comment Letter
Mortgage Lending

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

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...
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Research
Mortgage Lending

North Carolina Legislative Wrap-Up 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...
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Bill Law
Consumer Finance Mortgage Lending

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

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...
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Comment Letter
Mortgage Lending

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

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)...
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Comment Letter
Mortgage Lending

Fannie Mae and Freddie Mac's Proposed Underserved Markets Plans

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...
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Comment Letter
Mortgage Lending

Comment on Enterprise Duty to Serve Plan

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...
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Comment Letter
Mortgage Lending
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