Press Releases

Washington, DC - A survey of Detroit households suggests payday loans are no solution for those in financial need. The survey by University of Michigan law professor Michael S. Barr found that respondents using payday loans were more likely to file for bankruptcy, be evicted, or face utility shut-offs than respondents who had not taken a payday loan. Payday lenders...

This guest column appeared in the Herald Sun (Durham, NC). During times of economic chaos, there is often a tendency to rewrite history. Today, while nearly everyone agrees that reckless subprime loans started this financial crisis, the questions of how and why these loans were made have triggered a frenzy of finger-pointing. Unfortunately, too many fingers are pointing in the...

Now that Congress has passed the $700 billion bailout bill to address the credit crunch, there is an urgent need to address the root causes of today's economic crisis – massive foreclosures in our communities. Going forward, CRL calls on Congress to act quickly to assist families facing foreclosure. "Any plan that fails to stop foreclosures will ultimately fail to...

Prop 200 will entrench an industry that preys on Arizona's working families Read the Report >> As Arizona citizens consider a measure the payday lending industry, based out of state, has paid to put on the ballot this November and spent millions marketing, they should know the facts about Proposition 200 and payday lending, say national experts and state advocates...

As civil rights, consumer, and housing organizations that represent homeowners and communities devastated by the foreclosure crisis, we are extremely disappointed that the proposed bailout package does virtually nothing to assist troubled borrowers. Provisions discussed in both the House and the Senate to assist homeowners modify their loans and save their homes have been largely abandoned. These provisions would have...

Today the Center for Responsible Lending (CRL) registered major disappointment with a bailout proposal that fails to address the root causes of today's economic crisis. While agreeing that the current situation calls for substantial government intervention, the Center says the plan that emerged is neither effective nor fair. "Any plan that fails to stop foreclosures will ultimately fail to fix...

My name is Candace Weaver and I'm an eighth grade teacher at Roland Grise Middle School in Wilmington, North Carolina. I teach 8th grade language arts and social studies. In December 2005, I refinanced my house to pay bills. My husband was recovering from a heart attack and was out of work. We took out an adjustable rate mortgage with...

A Sample of What Leaders Are Saying … Wall Street aggressively marketed loans that were damaging, deceptive, and led to the worst foreclosure epidemic in decades. The government's so-called solution bails out the very companies that were behind this crisis, but does absolutely nothing to help people stay in their homes. This country is facing the greatest lost of wealth...

The Credit Cardholders Bill of Rights passage today in the House signals a return to real consumer protections and a welcome change to credit card company business as usual. The Center for Responsible Lending commends Rep. Carolyn Maloney and Financial Services Chairman Barney Frank who championed the legislation, which will restore some balance and fairness to a regulatory system that...

Hello, I'm Martin Eakes, founder and head of Self Help, one of the nation's largest community development institutions, and I'm also the CEO of the Center for Responsible Lending. I appreciate the invitation from the Leadership Conference on Civil Rights to be here today. The Paulson $700 billion bailout simply will not work to stabilize the economy if it does...