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Press Releases

September 10, 2020
“Qualified Mortgage” should be defined broadly to ensure that more borrowers are able to gain access to the safest mortgage products and the wealth-building opportunities of homeownership Lenders that engage in pricing discrimination should not receive the QM statutory safe harbor Washington, D.C. – With the Consumer Financial Protection Bureau (CFPB) set to update a rule stemming from the Dodd-Frank financial reform law that governs what is considered a borrower-safe “Qualified Mortgage” (QM), leading civil rights and housing groups provided recommendations in their public comment...
September 8, 2020
The new Preserving Community and Neighborhood Choice rule incorrectly redefines the meaning of fair housing and eliminates important tools for addressing systemic discrimination in housing, weakening the Fair Housing Act. Washington, D.C. – Today, the Department of Housing and Urban Development (HUD)’s new Preserving Community and Neighborhood Choice rule goes into effect, marking a major step backwards in the ongoing fight for fair housing. The new rule, which replaces the 2015 Affirmatively Furthering Fair Housing (AFFH) regulation, guts the fundamental provisions of the Fair...
September 8, 2020
The action leaves protected classes, including people of color, women, people of faith, people with disabilities, and families with children more vulnerable to housing discrimination In issuing the final rule, the Administration even ignored the mortgage industry’s largest lenders and realtors, which opposed the action Washington, D.C. – A primary legal tool used to identify and eliminate discrimination, known as the “disparate impact” standard, has been decimated by a new final rule issued late Friday by the U.S. Department of Housing and Urban Development (HUD). In addition to civil...
September 2, 2020
In public comment letter, civil rights, consumer, and housing groups warn of proposal’s harm and its “acute impact on low- to moderate-income families and families of color” Groups offer recommendations for the housing regulator to fulfill its and the Government-Sponsored Enterprises’ (GSEs) statutory public mission Washington, D.C. – Today, the Center for Responsible Lending (CRL) along with a broad coalition representing millions of Americans released its public comment letter critiquing the Federal Housing Finance Agency’s (FHFA) proposed capital rule for Fannie Mae and Freddie Mac,...
September 2, 2020
WASHINGTON, D.C. - On Tuesday, Sept. 8, at 2:00 p.m. ET/ 11:00 a.m. PT, the Center for Responsible Lending (CRL) will host a virtual panel of housing experts to discuss how the COVID crisis has impacted housing. Federal Housing Finance Agency (FHFA) Director Mark Calabria will share the agency’s response to the current public health crisis, followed by a panel highlighting the need for housing opportunities for Black and Latino borrowers during these pressing times. Panelists will include leaders from CRL, MBA, NUL, and NAHREP. Questions for the panelists can be submitted through...
August 26, 2020
Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced yesterday that a fee from Fannie Mae and Freddie Mac, which FHFA previously approved and which makes refinancing more expensive for mortgages backed by those companies, will be delayed until December 1. FHFA also said the fee will not apply to refinance loans with balances below $125,000. The fee is 0.5 percent and would add an additional cost of $1,400 to the average mortgage loan. Fannie and Freddie provide financial backing for around half of all U.S. mortgages and are Government Sponsored Enterprises (GSEs). Today,...
August 14, 2020
WASHINGTON, D.C. - A broad coalition of organizations representing the housing, financial services industries as well as public interest groups issued the following statement on the GSEs’ new adverse market fee: Wednesday night’s surprise announcement by Fannie Mae and Freddie Mac (the GSEs) conflicts with the Administration’s recent executive actions urging federal agencies to take all measures within their authority to support struggling homeowners. The additional 0.5% fee on Fannie Mae and Freddie Mac refinance mortgages will raise costs for families trying to make ends meet in these...
July 23, 2020
Fair housing advocates denounce Trump’s newest effort to eliminate a critical tool to desegregate communities and call on the president to instead concentrate on ensuring housing equity during a pandemic. Washington, D.C.- Today, a coalition of civil rights, affordable housing and consumer advocacy organizations condemned the move by the Trump administration to eliminate a critical tool for addressing systemic racism and segregation in our communities. In its haste to undermine this central component of the Fair Housing Act, the administration has done an end run around the normal...
July 15, 2020
Bank of America, Quicken Loans, Citi , Wells Fargo, National Association of Realtors call on HUD to hold off on issuing a final Disparate Impact Rule WASHINGTON, D.C. – Today, leading civil rights groups commended mortgage lenders and industry leaders now advocating for the Department of Housing and Urban Development (HUD) to refrain from issuing a final Disparate Impact rule. These civil rights organizations are also renewing their own push for the agency to pull its dangerous proposal that would gut longstanding civil rights protections for addressing systemic racism in housing. Like...
June 26, 2020
WASHINGTON, D.C.— The Federal Financial Institutions Examination Council (FFIEC) released its 2019 Home Mortgage Disclosure Act (HMDA) data this week, covering the vast majority of mortgages made in the United States in the past year. Like previous years, the data revealed that borrowers of color remain underserved in the conventional market. Despite a modest increase in the share of home-purchase loans made to Black and Latino borrowers in 2019, these shares remain well below the population share they represent. The HMDA data also shows that the majority of home purchase loans made to...

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