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Press Releases

June 21, 2017
Measure Would Strengthen Enforcement of Consumer Protection Laws for Military Servicemembers and their Families WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) announced its endorsement of the Military Consumer Enforcement Act, a bill introduced today by former Army Ranger Senator Jack Reed (D-R.I.) and by Senator Sherrod Brown (D-Ohio), Ranking Members of the Armed Services and the Banking, Housing, and Urban Affairs committees respectively. The legislation would give the Consumer Financial Protection Bureau (CFPB) authority to oversee and enforce compliance with...
June 6, 2017
WASHINGTON, D.C. – A group of national civil rights organizations sent a letter to U.S. Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) today urging them to fight against legislative efforts that would eliminate affordable housing goals in GSE reform. The letter is in response to a recent housing report released by the Bipartisan Policy Center. The report recommended policies that would make it extremely difficult for low-income families and communities of color to participate in the housing market today and in the future. The letter was signed...
January 23, 2017
Cost-savings for home buyers purchasing a Federal Housing Administration (FHA)-backed mortgage loan was eliminated by the first executive order of the new Trump Administration. The move rolls back a premium rate cut of .25 percent that the U.S. Department of Housing and Urban Development announced early last week, which aimed to save borrowers, especially first-time homebuyers, hundreds of dollars a year on annual mortgage insurance premiums. Center for Responsible Lending (CRL) senior researcher Sarah Wolff released the following statement: The Administration’s actions will make it...
January 12, 2017
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing today to consider the nomination of Dr. Ben Carson to be Secretary of the U.S. Department of Housing and Urban Development (HUD). Nikitra Bailey, an Executive Vice President for the Center for Responsible Lending's (CRL) released the following statement: The work of the Department of Housing and Urban Development contributes greatly to helping hard working families pursue their American dreams. Safe, decent, and affordable housing free of discrimination is a vital rung on the opportunity ladder. Dr. Ben...
November 22, 2016
The Center for Responsible Lending (CRL), along with the Leadership Conference on Civil & Human Rights and NAACP, applauded the U.S. Department of Energy for strengthening its Best Practice Guidelines for Residential PACE Financing in final guidance issued Friday. The Property Assessed Clean Energy (PACE) program is intended to finance energy efficient home improvements through municipal loans, but low-income homeowners have risked losing their homes to foreclosure through the program because appropriate consumer protections have been absent. "PACE loans can be dangerous for...
September 29, 2016
Today, the Center for Responsible Lending (CRL) released a policy analysis based on new mortgage data collected under the Home Mortgage Disclosure Act (HMDA). The data, which covers nearly all mortgages made in the United States in 2015, revealed that access to mortgage credit remains out of reach for many consumers of color. Despite fair lending laws and mortgage rules, Hispanic and African-American consumers received a small percentage of the mortgages made in 2015 and remain disproportionately reliant upon government-backed mortgages that come with high rates and fees. Very few...
September 29, 2016
New Law Helps Prevent Unnecessary Foreclosures Today, the Center for Responsible Lending (CRL) applauded California Governor Edmund G. Brown Jr. for signing into law SB 1150, the Homeowner Survivor Bill of Rights, a bill to protect widowed spouses and other heirs from unnecessary foreclosures. Through the legislation, when the sole borrower listed on a mortgage passes away, it entitles widows, widowers, domestic partners, heirs, siblings, and other survivors to information and communication from the mortgage servicer, and it provides them the right to seek a loan assumption and...
August 2, 2016
CRL research finds low lending levels perpetuate racial wealth gaps and segregation. Mortgage lending in the nation's most populous state continues to lock out many of California's consumers of color, finds the Center for Responsible Lending (CRL). A new analysis of first-lien, owner-occupied home purchase mortgages made from 2012-2014, reveal a lack of access to conventional mortgages for many Latino and African-American consumers. These troubling lending patterns perpetuate racial wealth gaps and housing segregation. "These post-crisis mortgage lending trends in California help to...
June 30, 2016
Today the U.S. Department of Housing and Urban Development (HUD) announced changes to the Federal Housing Administration's Distressed Asset Stabilization Program that will help borrowers stay in their homes and support neighborhood recovery. Under the program, HUD will require third party buyers of FHA's non-performing loans to include principal reduction as part of their loan modification programs. This change builds on the Federal Housing Finance Agency's recent efforts in this area. Furthermore, HUD will create more favorable pricing for nonprofit organizations in the loan auctions....
April 14, 2016
The Federal Housing Finance Agency (FHFA) announced today a new loan modification program that will help borrowers stay in their homes. Under the new program, loan modifications will be available to as many as 30,000 qualified underwater borrowers facing financial hardship with loans now held by Fannie Mae or Freddie Mac. Eligibility also requires that the mortgages have an unpaid principal balance of not more than $250,000 and delinquency of 90 days or longer as of March 1 of this year. Homes must be owner-occupied. Additionally, FHFA will require third party buyers of Fannie and Freddie’...

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