From Mortgages to Payday Loans, How Trump Will Impact Consumer Lending

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Annamaria Andriotis | The New York Times
South Dakota residents who voted for Trump also overwhelmingly voted in favor of a state measure that caps interest rates on payday loans at 36%; around three-quarters of voters backed the measure. Payday lenders in the state have been able to charge triple-digit interest rates under current law. Voters also rejected a competing measure pushed by the payday industry that would have allowed lenders to charge any interest rate they wanted. That made South Dakota the fourth state in which residents voted to place rate caps on payday loans since 2008, said Mike Calhoun, president of the Center for

How Refinancing Your Mortgage Can Pay Off Your Student Loan

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Ann Carrns | The New York Times
“You’re essentially giving up your safety net,” said Ashley Harrington, counsel with the Center for Responsible Lending. It’s also wise to consider just how much money you’ll save over the long term, she said. You’ll pay a lower rate, but for a longer period of time. The standard student loan repayment plan is 10 years, while most mortgages are 30-year loans (although 15-year loans are an option).

If It’s Not Broken – Oh Wait, It Is Broken

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Nora Caley | MortgageOrb
Any GSE reform will need to prioritize access and affordability for all creditworthy borrowers, says Nikitra Bailey, executive vice president of the Center for Responsible Lending. “People of color and lower-wealth families have been successful in homeownership when they receive safe and responsible loan products,” she says. “However, they are being locked out of the marketplace.”

NY Attorney General: Land banks like Cattaraugus, Allegany could see state grants

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Bob Clark | Olean Times Herald
By attacking vacant, blighted and “zombie” properties, officials report land banks can stave off the effects of those properties on neighbors. In 2009, the Center for Responsible Lending projected that homeowners living near a foreclosed property, on average, would lose $7,200 in property value, and projected a four-year increase in losses to $20,300 per household.

Will Recent Efforts To Defang The CFPB Succeed?

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Nora Caley | Mortgage Orb
Yana Miles, a policy counsel for the Center for Responsible Lending in Washington, D.C., says the nonprofit organization was disappointed with the PHH v. CFPB ruling but notes that the ruling has no impact on the CFPB. “In terms of rulemaking authority, it will continue to exist,” she says. “The court made this clear: The CFPB with a single director with funding structure will continue.”

Industry Welcomes Treasury's Call to Focus on Home Affordability

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Brian Collins | National Mortgage News
The Treasury report recognizes that "affordability is the really the key issue facing housing finance right now," said Mike Calhoun, president of the Center for Responsible Lending. The costs associated with risk-based pricing along with the re-pricing of mortgage insurance have suppressed credit access.

In Shift, White House Offers Platform For Housing Reform

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Lorraine Woellert | Politico
“This is a pretty important shift for them,” said Michael Calhoun, president of the nonprofit Center for Responsible Lending and an advocate for greater credit access for minorities and low-income households. “Affordability was more of an add-on feature at the end rather than a key foundational principle.”

Pat Toomey’s Bank And Fact Vs. Fiction In This Noisy US Senate Race

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Anna Orso | Billy Penn
Deborah Goldstein, the executive vice president of the North Carolina-based Center for Responsible Lending, said confession of judgement clauses have been outlawed in many states because “it really undermines the typical judicial process. “It’s a basic principle of due process,” she said. “If you owe somebody money, you should have an opportunity to dispute what they’re doing.”

California AG Leads Criminal Probe of Wells Fargo

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Don Thompson | LegalNews
Graciela Aponte-Diaz, director of California Policy for the Center for Responsible Lending, said the attorney general’s investigation is needed. “Californians deserve to know in full detail the extent of damage these activities have caused and what their long term affects will be. We hope the attorney general’s investigation yields results for unanswered questions that Californians have,” she said in a statement.