CRL in the News

We all have heard the numbers about escalating student loan debt across the country. Maine is no exception. Residents of our state carry more than $6 billion in education debt. Excessive student debt takes money out of Maine’s economy. MECEP’s analysis indicates that education debt held by Mainers could support 6,000 jobs and three-quarters of a billion dollars in consumer...

The question of who is the worst member of President Trump’s administration could keep a dinner party entertained for hours. Is it Commerce Secretary Wilbur Ross, the multimillionaire who felt impelled to lie about being a billionaire? Former Environmental Protection Agency administrator and schnorrer extraordinaire Scott Pruitt? Labor Secretary Alexander Acosta, who, when he was a U.S. attorney, let billionaire...

The Senate Banking, Housing, and Urban Affairs Committee held the second part of its hearing on Committee Chairman Mike Crapo’s Housing Finance Reform outline on Wednesday. Testimonies by mortgage banking and housing experts gave further insights into the best way forward to strengthen and implement this outline. “Today, the Committee continues the conversation about the state of our housing finance...

WASHINGTON — Senators dove deeper Wednesday into the fight over which housing finance reform plan will work for lenders of all sizes, just as the Trump administration moved closer to crafting its own reform plan. The second Senate Banking Committee hearing this week on reforming the government-sponsored enterprises touched on whether Fannie Mae or Freddie Mac should be converted into...

WASHINGTON, D.C. — (RealEstateRama) — Center for Responsible Lending (CRL) President Mike Calhoun testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs for a hearing on “Chairman’s Housing Reform Outline: Part 2.” In his testimony, Calhoun discussed that any reform of the U.S. housing system must ensure access to safe and affordable mortgage loans for all creditworthy...

Payday loans are marketed as quick cash to help people get to their next paycheck, but they come at a great cost with an average interest of 300 percent and people getting multiple loans over time, according to a 2016 report. The Community Financial Services Association of America, which lobbies on behalf of payday lenders, held their annual conference in...

Senators Maggie Hassan (D-NH) and Dick Durbin (D-IL) today introduced the Preventing Risky Operations from Threatening the Education and Career Trajectories of Students ( PROTECT Students) Act of 2019, a bill that would enshrine in law many key reforms sought by advocates for veterans and other students in order to prevent predatory practices by for-profit colleges. Many in the for-profit...

Payday loans can be a welcome rescue for people without credit or who are hit with an unexpected emergency, but small, short-term loans can accumulate debt in weeks due to interest rates that can reach 500 percent or higher. What does it take to pay off a loan secured by the promise of a future paycheck? What are the risks...

A Fannie Mae and Freddie Mac fix is on Washington’s agenda —- again. Congress this week kicks off its latest attempt to forge a path forward for the mortgage giants, something that’s proved extremely elusive in the 11 years that the companies have been under U.S. control. Starting Tuesday, Senate Banking Committee Chairman Mike Crapo will hold two days of...

In recent years, a number of major for-profit operators such as Education Corporation of America, Vatterott Colleges, Education Management Corporation, ITT Tech and Corinthian Colleges have abruptly closed their doors under the weight of mismanagement, scandal and state and federal investigations. As a result, tens of thousands of students have been left wondering how to recover the time and money...