Skip to main content

Search form

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 10, 2020
WASHINGTON, D.C. - Today, Senators voted down the Senate Majority Leader’s narrow COVID-19 bill, which was introduced earlier this week. As written, the bill fails to provide substantive relief for renters, student loan borrowers, small business owners, unemployed workers, and other people who are still struggling during this pandemic. The bill did not receive bipartisan support. Center for Responsible Lending Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: This bill is an inadequate response to our current economic fallout and public health...
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 3, 2020
The timing of the OCC’s embrace of predatory lenders could not be worse. We are in the midst of an unprecedented health crisis and a severe economic crisis, with both crises impacting communities of color more heavily than white communities.  WASHINGTON, D.C. - A proposal by the regulator of the nation’s largest banks would allow predatory lenders to do an end-run around state interest rate caps, exposing people to high-cost loans with minimal consumer protections, according to a comment letter submitted today to the Office of the Comptroller of the Currency (OCC) by 13 national...
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...
August 11, 2020
WASHINGTON, D.C. – The Trump Administration issued four executive orders Saturday related to the COVID-19 pandemic that fail to recognize and adequately address the magnitude of the ongoing crisis and the need for massive reform. The orders are weak and inadequate, and they leave out millions who are struggling to survive in grim circumstances. We need comprehensive legislation that rises to this historic challenge and brings the full force of our government and its vast resources to bear on these enormous societal problems. Ashley Harrington, Federal Advocacy Director at the Center for...

Pages