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Press Releases

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...
June 24, 2020
WASHINGTON, D.C. – This week, the Consumer Financial Protection Bureau (CFPB) released two Notices of Proposed Rulemaking (NPRMs). The proposals would extend the temporary Government-Sponsored Enterprises Patch (GSE Patch) and amend the definition of “qualified mortgage” (QM) by removing the debt-to-income limit and replacing it with a price-based approach. The QM rule was created under the ability to repay provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Center for Responsible Lending (CRL) President Mike Calhoun released the following statement:...
May 20, 2020
WASHINGTON, D.C. - Today, the Office of the Comptroller of the Currency (OCC) released the final version of a rule to modernize the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corp., which jointly released the CRA proposed rule with the OCC, did not join in this final announcement. The Federal Reserve Board did not sign on to the proposed rule or the final rule. OCC Comptroller Joseph Otting also announced that he is stepping down from the agency. Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement: The final rule...
April 17, 2020
Move Puts Communities of Color, Low- and Moderate-Income Families, and Rural Communities at Risk WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) yesterday issued a final rule that exempts more than 1,700 additional financial companies from reporting Home Mortgage Disclosure Act (HMDA) data about their lending. HMDA was enacted to combat lending discrimination by requiring companies to report public data on their mortgage lending, including information on borrower race and ethnicity. The reported information is a critical tool for researchers, advocates, and policymakers...
March 16, 2020
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released Treat Fannie and Freddie as Utilities, a report finding that the best model for regulating Fannie Mae and Freddie Mac (the government-sponsored enterprises, or GSEs) outside of conservatorship is utility rate-of-return regulation. Under this type of regulation, the GSEs would pool risk nationally and offer broad access to affordable mortgage credit nationwide. The report recommends that the Federal Housing Finance Agency (FHFA), the independent agency regulating Fannie and Freddie since the 2008 financial crisis,...
January 24, 2020
WASHINGTON, D.C. – Eric Stein, Senior Vice President at Self-Help, a community development lender and parent of the Center for Responsible Lending (CRL), released the following statement after the Consumer Financial Protection Bureau (CFPB) announced, in a letter to Members of Congress, that its forthcoming proposal will not rely solely on a loan’s debt-to-income ratio (DTI) in determining whether it is a qualified mortgage (QM) after the expiration of the “GSE Patch,” which grants an exemption for loans eligible for sale to Fannie Mae and Freddie Mac: We welcome Director Kraninger’s...

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