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Press Releases

June 23, 2021
SCOTUS rules that the FHFA leadership structure is unconstitutional WASHINGTON, D.C. – This morning, the Supreme Court of the United States (SCOTUS) issued a decision affecting housing giants Fannie Mae and Freddie Mac, government-sponsored enterprises (GSEs) that financially back every other mortgage in America. The SCOTUS decided, in Collins v. Yellen, that the director of the Federal Housing Finance Agency (FHFA), which regulates and serves as the conservator of the GSEs, can be fired “at will” by the President. Center for Responsible Lending Senior Policy Counsel Melissa Stegman issued...
June 21, 2021
WASHINGTON, D.C. – The Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), has updated and corrected how student debt is calculated for FHA-insured mortgages. This move will expand access to homeownership for more potential mortgage borrowers, especially for borrowers of color, first-time homebuyers, millennials, and low-income Americans. “This change removes an unjust and unjustifiable barrier to homeownership. The policy extends the opportunity to build generational wealth to more Black and Latino and low-income families as...
April 21, 2021
Data reflects dire need for down payment assistance and student debt relief that would help support path to homeownership WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released a new report “Hardship for Renters: Too Many Years to Save for Mortgage Down Payment and Closing Costs.” The report calculates how long it would take for a typical renter household to save for a mortgage down payment and closing costs for a median-priced house and how this varies by race/ethnicity, household type, location, and occupation. For instance, the report data show that the typical...
April 20, 2021
Washington, D.C. – Former Vice President Walter Mondale, an outspoken supporter of civil rights and co-author of the landmark Fair Housing Act of 1968, which sought to end racial discrimination in housing and create inclusive communities, died yesterday at the age of 93. Center for Responsible Lending Executive Vice President Nikitra Bailey issued the following statement: Vice President Walter Mondale was a giant of civil rights while in the U.S. Senate and during some of the most significant, contentious moments in our nation’s history. The introduction of the Fair Housing Act — and...
April 13, 2021
WASHINGTON, D.C. – Today, the U.S. Department of Housing and Urban Development (HUD), led by Secretary Marcia Fudge, announced steps to restore two key fair housing rules that the Trump Administration had gutted: (1) a regulation on the "disparate impact" standard for proving discrimination and (2) a regulation for the dismantling of segregation, as required by the Affirmatively Furthering Fair Housing (AFFH) section of the 1968 Fair Housing Act. The Office of Management and Budget posted notices indicating that the HUD rules have been accepted for review. "President Biden and Secretary...
March 16, 2021
WASHINGTON, D.C. – Today, Center for Responsible Lending (CRL) Executive Vice President Nikitra Bailey testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs for a hearing entitled ‘Home = Life: The State of Housing in America.’ Linked here are Ms. Bailey’s oral testimony, written testimony, and video of the entire hearing. CRL live-tweeted the hearing. CRL EVP Nikitra Bailey provided the following opening statement: While it seems the mortgage market is booming, a closer look at the data reveals a market dominated by refinances that mostly benefits the...
March 10, 2021
WASHINGTON, D.C. – Today, Nikitra Bailey, an Executive Vice President at the Center for Responsible Lending (CRL), testified at a virtual hearing held by the House Financial Services entitled “Justice for All: Achieving Racial Equity Through Fair Access to Housing and Financial Services: Testimony before the House Financial Services Committee.” In her testimony, Bailey highlighted our nation’s discriminatory housing policies as the cause of many systemic injustices and discussed the need to implement more policies that ensure equity for Black and brown communities. “Much work remains in the...
March 10, 2021
WASHINGTON, D.C. – Today, the U.S. Senate, in a bipartisan vote, confirmed Congresswoman Marcia Fudge (D-Ohio) to be Secretary of the U.S. Department of Housing and Urban Development (HUD). The Center for Responsible Lending (CRL) had joined a broad coalition in support of her confirmation. Center for Responsible Lending Executive Vice President Nikitra Bailey, issued the following statement: Secretary Fudge brings to HUD the experience needed to address the immense housing challenges brought by COVID-19 and the economic downturn – which have disproportionately hit Black and brown...
February 23, 2021
Without needing action from Congress, the plan lays out a path for utility regulation of Fannie and Freddie and for dedicating nearly $100 billion toward addressing the country’s housing needs WASHINGTON, D.C. – Today, the Brookings Institution published a new report by Mike Calhoun, President at the Center for Responsible Lending (CRL), and Lewis Ranieri, Chairman and CEO of Raneiri Solutions LLC, that proposes administrative reforms of Fannie Mae and Freddie Mac (the government-sponsored enterprises, or GSEs) that would greatly advance racial and economic justice. The report, Government-...
February 18, 2021
WASHINGTON, D.C. – The Center for Community Self-Help (Self-Help) and its policy-focused affiliate, the Center for Responsible Lending (CRL), called for stronger rules implementing the Community Reinvestment Act (CRA) – a landmark civil rights and anti-redlining law – in their jointly filed comment letter to the Federal Reserve Board on its Advanced Notice of Proposed Rulemaking (ANPR). Melissa Stegman, Senior Policy Counsel at CRL, issued the following statement: The COVID-19 crisis has shown how the deck has been stacked against people of color as they look for a small business loan...

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