Press Releases
March 20, 2023
AEI Housing Center and CRL warn of risks similar to lead-up to 2008 housing crisis
WASHINGTON, DC – Non-bank lenders are making cash-out refinance mortgage loans guaranteed by the Federal Housing Administration (FHA) and Veterans Administration (VA) to cash-strapped homeowners – particularly low wealth and veteran borrowers and those in communities of color – that can provide a quick influx of cash but leave the borrower in a trap that can worsen their financial stability for years to come.
A new research brief from the American Enterprise Institute (AEI) Housing Center and the Center...
March 20, 2023
WASHINGTON, D.C. – The Department of Housing and Urban Development (HUD) on Friday completed a Final Rule, titled Restoring HUD’s Discriminatory Effects Standard, to help guide implementation of the Fair Housing Act of 1968.
“Modern housing discrimination operates below the surface, perniciously narrowing life’s opportunities. The Biden-Harris Administration has correctly recognized that to root out discrimination, we need the strong legal tools embedded in this rule to enforce the Fair Housing Act,” said Mitria Spotser, vice president and federal policy director at the Center for...
February 22, 2023
WASHINGTON, D.C. – Today, Vice President Kamala Harris and U.S. Housing and Urban Development Secretary Marcia Fudge announced that for new Federal Housing Administration (FHA) loans, the mortgage insurance premium will be reduced by 0.3 percentage point, which translates to around $800 a year in savings for families with the average-sized FHA-insured mortgage of around $270,000.
“The Biden-Harris Administration is providing needed breathing room in the tight budgets of families who use FHA mortgages, many of whom are first-time homebuyers, people of color, or individuals with lower-...
January 20, 2023
WASHINGTON, D.C. – The Department of Housing and Urban Development (HUD) yesterday proposed a rule to implement the 1968 Fair Housing Act requirement that federal government funding be used to “Affirmatively Further Fair Housing.”
“For decades, federal housing policies mandated racial segregation and encouraged market-wide discrimination against people of color. Those actions were intentional and their consequences are still felt today,” said Mitria Spotser, federal policy director and vice president at the Center for Responsible Lending (CRL). “In issuing this proposal, HUD...
December 20, 2022
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Wells Fargo Bank to pay a $3.7 billion settlement over customer abuses tied to its mortgage and automobile lending practices, and surprise overdraft fees and other incorrect charges to customer bank accounts. The bank’s actions led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes.
Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
Wells Fargo is a repeat offender for...
December 14, 2022
WASHINGTON, D.C. – Today at 3 pm et, the House Committee on Veterans Affairs will hold a legislative hearing on a discussion draft bill, the VA Housing Loan Forever Act of 2022. Click here for live video and all hearing documents. Click here for written testimony from Mitria Spotser, a consultant for the Center for Responsible Lending (CRL).
In her testimony, Mitria Spotser states, “[E]nabling the transfer of VA home loan benefits would make homeownership more easily obtainable for many of the families of servicemembers that were denied the ability to utilize the program during their lives...
May 11, 2022
WASHINGTON, D.C. – The Senate today approved the nomination of Julia Gordon to be Assistant Secretary of Housing and Urban Development and FHA Commissioner.
In response, Mike Calhoun, president of the Center for Responsible Lending (CRL), made the following statement:
CRL congratulates Julia Gordon on her confirmation today to lead FHA. She is a dynamic executive who has worked on affordable housing issues across the spectrum, including for rural and low-income borrowers.
Ms. Gordon brings extraordinary experience and skills to FHA at a time when all housing market participants...
May 5, 2022
WASHINGTON, D.C. – Federal banking regulators today announced proposed rules to revise and modernize the Community Reinvestment Act (CRA).
In response, Mike Calhoun, president of the Center for Responsible Lending (CRL), made the following statement:
Federal banking regulators today issued a notice of proposed rulemaking to modernize the rules that implement the Community Reinvestment Act (CRA). This represents a significant step forward in ensuring that financial institutions address the credit needs of Asian, Black, Latino, Native American, rural and other underserved communities....
December 14, 2021
WASHINGTON, DC – Today President Biden nominated Sandra Thompson to a full five-year term as Director of the Federal Housing Finance Agency (FHFA) – the federal regulator that oversees Fannie Mae and Freddie Mac. Mike Calhoun, president of the Center for Responsible Lending, issued the following statement:
“Sandra Thompson has provided strong leadership at FHFA as Acting Director, ensuring that Fannie Mae, Freddie Mac and the Federal Home Loan Banks meet their mandates to safely support lenders in providing sustainable financing for families to buy homes and start and build businesses,”...
November 18, 2021
WASHINGTON, D.C. – Today, the Center for Responsible Lending called for Congress to pass the Build Back Better Act. The bill aims to combat climate change and strengthen our nation’s human infrastructure, including through an historic investment in housing.
Center for Responsible Lending President Mike Calhoun issued the following statement:
The Build Back Better Act would make much-needed investments in the affordability, supply, and maintenance of housing for American families. This legislation would constitute a major step toward ensuring everyone has a decent and affordable place...