Research & Policy

Committee: U.S. House of Representatives Committee on Small Business For questions about this testimony, contact Julia Gordon at julia.gordon@responsiblelending.org or (202) 349-1878.

Committee: Ohio Senate Finance and Financial Institutions Committee

Committee: Senate Committee on Commerce, Science and Transportation Subcommittee on Interstate Commerce, Trade and Tourism

A new CRL survey finds respondents prefer that their bank or credit union deny debit card purchases that are not covered by the funds in their checking account, whether their purchase is for $5, $20 or $40. More consumers are enrolled in the most expensive option than any other option for covering overdrafts, the survey also finds.

Committee: U.S. House of Representatives Committee on Financial Services Subcommittee on Housing and Community Opportunity For questions about this testimony, contact Julia Gordon at julia.gordon@responsiblelending.org or (202) 349-1878.

Committee: U.S. Senate Committee on Banking, Housing and Urban Affairs

"Steered Wrong" Executive Summary In recent years, a majority of subprime loans made in the United States have been originated by mortgage brokers, who can properly be characterized as the "engine" of the subprime market. The rapid growth of subprime lending was fueled by thousands of mortgage brokers across the country delivering billions of dollars of subprime loans to mortgage...

Full Session Law (pdf) Bill Summary (pdf) This legislation requires mortgage loan servicers doing business in North Carolina to be licensed and imposes new standards on their loan collection activities, providing more protection for North Carolina homeowners. This bill adds mortgage servicing regulation to the regulation of mortgage bankers and mortgage brokers. New duties for mortgage servicers include: Safeguarding and...

In this report, we estimate how many homes—including families who are paying their mortgage on time—will suffer a decline in property values because of foreclosures in their neighborhoods. We also estimate how much the average family will lose in home equity, and how much of an impact the foreclosure crisis will have on city and county coffers.

OVERDRAFT LOAN = HIGH-COST NO-CHOICE CREDIT Protection? More like small loans with abusive terms. Banks and credit unions now enroll many of their account holders into the most expensive option for covering overdrafts—an option customers generally don't want and didn't ask for—and leave them without the information they need to protect their funds. Under these systems, financial institutions routinely approve...

Committee: California State Senate Banking, Finance & Insurance Committee

Committee: U.S. House Committee on Veterans' Affairs Subcommittee on Economic Opportunity

Committee: Financial Services and General Government Subcommittee of the U.S. House Appropriations Committee

Court-supervised modifications: Preventing foreclosures and lost community wealth No matter where you live, the subprime crisis is causing unnecessary foreclosures and draining resources in your community. By lifting the ban on court-supervised load modifications for qualified homeowners, Congress can help nearly 600,000 families nationwide keep their homes and help communities retain an estimated $89 million in tax revenues. To find...