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BANK PAYDAY LOANS CONTINUE

REGULATORY GUIDANCE NEEDEDCenter for Responsible LendingMarch 21, 2013 Seniors Face Particular Risks Banks making payday loans continue to trap customers in a cycle of debt, a new study by the Center for Responsible Lending shows. Read the report, “Triple Digit Danger: Bank Payday Lending Persists,” at http://rspnsb.li/160xMHv.  Banks pitch payday loans as short-term borrowing that allows customers to deal with a financial emergency, repay the loan, and move on. In fact, this new study provides further evidence that these triple-digit interest rate loans, averaging from 225% to

BANK PAYDAY LOANS CONTINUE

REGULATORY GUIDANCE NEEDEDCenter for Responsible LendingMarch 21, 2013 Seniors Face Particular Risks Banks making payday loans continue to trap customers in a cycle of debt, a new study by the Center for Responsible Lending shows. Read the report, “Triple Digit Danger: Bank Payday Lending Persists,” at http://rspnsb.li/160xMHv.  Banks pitch payday loans as short-term borrowing that allows customers to deal with a financial emergency, repay the loan, and move on. In fact, this new study provides further evidence that these triple-digit interest rate loans, averaging from 225% to

Car-Title Loans Cost U.S. Consumers $3.6 Billion Annually

300 Percent Interest Makes Borrowers Pay Twice What They Receive in CreditCenter for Responsible Lending February 28, 2013 Durham, N.C.--Car-title loans cost borrowers $3.6 billion in interest each year, more than twice the $1.6 billion in credit borrowed, a new report from the Center for Responsible Lending (CRL) and Consumer Federation of America (CFA) shows. For the full report, go to http://rspnsb.li/13ZMZ8V. “Driven to Disaster: Car-Title Lending and Its Impact on Consumers,” provides the first national estimate of the size of the car-title loan market and details its potentially

HUD RULE REAFFIRMS AMERICA’S COMMITMENT TO FAIRNESS FOR ALL

Center for Responsible LendingFebruary 8, 2013 Today’s announcement by the U.S. Department of Housing and Urban Development provides a welcome and critically important national standard for discrimination in housing and housing lending. Fair housing is fundamental to every family’s pursuit of the American Dream. By issuing this disparate impact rule, HUD reaffirmed the nation’s commitment to fairness for all. CRL lauds the vigilance of the entire civil rights community for its long and hard-fought effort helping to make America’s reality live up to its promises. For more

CRL: Cordray's Renomination Is Good News

CRL STATEMENT ON RENOMINATION OF CFPB DIRECTOR CORDRAY Center for Responsible LendingJanuary 24, 2013 We’re pleased that President Obama has re-nominated Richard Cordray as Director of the Consumer Financial Protection Bureau. Under Director Cordray’s leadership, the CFPB has struck an important balance between improving key consumer protections and preserving access to credit and financial services. Its work is benefitting American families, responsible lenders, and the overall economy.  The CFPB should be allowed to continue this important work without the disruption of an

CFPB RULES HOLD MORTGAGE SERVICERS MORE ACCOUNTABLE

Statement from CRL President Mike Calhoun Print this  Center for Responsible LendingJanuary 17, 2013 New rules from the Consumer Financial Protection Bureau will benefit millions of Americans by fixing several key problems that have plagued mortgage servicing. The rules establish basic standards such as requiring a timely application of monthly mortgage payments and a prompt correction of errors.  The rules also restrict servicers from forcing borrowers

PROTECTING BORROWERS FROM THE NEXT LENDING CRISIS: THE CFPB’S RULES ON ABILITY TO REPAY AND QUALIFIED MORTGAGES

Center for Responsible LendingJanuary 10, 2013 The Consumer Financial Protection Bureau’s new rules generally strike a balanced, reasonable approach to mortgage lending and implement important consumer protections. The standard CFPB establishes for a safe, well-underwritten mortgage is appropriately broad enough to include the vast majority of creditworthy home owners, and  it is clear enough for lenders and borrowers alike to understand. And the rules preserve legal protection for borrowers with the riskiest loans. The rules—required by the Dodd-Frank Act of 2010—address head-on a

LENDING IN AMERICA: PREDATORY PRACTICES PERSIST

Household Balance Sheet SuffersCenter for Responsible LendingDecember 12, 2012 In the first report of its kind, the Center for Responsible Lending examines consumer lending markets across-the-board and finds that—despite major gains in regulatory reforms—predatory lending continues to undermine American households trying to rebuild their finances after the recession. View or download the report: http://rspnsb.li/state-of-lending . The State of Lending in America and its Impact on U.S. Households (State of Lending) paints a picture of working

FHA PLAYS A CRITICAL HOUSING ROLE

Center for Responsible Lending President Mike Calhoun: Statement on HUD's report on FHA’s financial statusNov. 16, 2012 FHA has played a critical role during the housing crisis and the economic downturn. It provided credit to families who otherwise would not have been able to buy homes.  This has helped new home owners, but also helped stabilize neighborhoods and communities and boost the economic recovery overall.  It is essential that FHA continue to fulfill this role, especially as the recovery continues. It is also essential that FHA operate on a financially sound basis. FHA has

Foreclosures Drain $2 Trillion from Neighboring Homes, Half from Neighborhoods of Color

Center for Responsible LendingOctober 24, 2012 Foreclosures across the United States have drained nearly $2 trillion in property value from surrounding households, more than half of it from African-American and Latino homeowners, a new study from the Center for Responsible Lending finds. The report, “Collateral Damage: The Spillover Costs of Foreclosures,” updates CRL’s research on the economic harm that homeowners suffer by living near foreclosed properties—the “spillover” cost. Also, for the first time, the research examines the impact in minority neighborhoods. Read the full

DODD-FRANK ANNIVERSARY POLL: 3 OUT OF 4 VOTERS FAVOR STRONG OVERSIGHT OF WALL STREET

Bipartisan Support for Consumer Financial Protection BureauCenter for Responsible LendingJuly 18, 2012 WASHINGTON, D.C. -- Financial reforms enacted in response the financial meltdown remain popular with Americans likely to vote in 2012, a new opinion poll by Lake Research Partners shows. The poll was commissioned by AARP, the Center for Responsible Lending (CRL), Americans for Financial Reform (AFR) and the National Council of La Raza (NCLR). Saturday (July 21, 2012) marks the two-year anniversary of the Dodd Frank Act, which created the Consumer Financial Protection Bureau (CFPB).

Wells Fargo Settles with DOJ on Abusive Lending

Wells to Pay $175 million for steering and overchargesCenter for Responsible LendingJuly 12, 2012 Today’s Department of Justice fair lending settlement with Wells Fargo Bank is welcome news, and highlights the benefits of new mortgage rules to combat predatory lending.  The DOJ settlement of $175 million settles charges that Wells Fargo steered about 4,000 African-American and Hispanic families into higher-cost subprime mortgages while white borrowers with similar qualifications received safer, cheaper prime loans. DOJ also found that about 30,000 people of color paid more for their

California Legislature Sends Homeowner Bill of Rights to Governor

First-in-the-nation legislative package will make foreclosure process fairer, hold banks accountableBoth houses of the California Legislature today approved the Foreclosure Reduction Act, a bill designed to reduce unnecessary foreclosures in the state. The bill is the centerpiece legislation of Attorney General Kamala Harris' Homeowner Bill of Rights. “This is monumental,” said CRL California Director Paul Leonard. “For the past three years, the legislature has said ‘no’ to making the foreclosure process fairer for consumers. Today, they finally said ‘yes.’” AB 278 and SB 900 contain

Expanding Refinances Could Save Billions for Homeowners

Center for Responsible LendingJune 27, 2012 A housing bill introduced in the Senate could more than double the number of homeowners who refinance under a federal mortgage program and also more than double their potential savings, according to an estimate by researchers at Columbia University. To be eligible, homeowners must have a mortgage backed by Fannie Mae or Freddie Mac and be current on the payments. Researchers at The Paul Milstein Center for Real Estate at Columbia Business School estimate that streamlining refinances would increase the total number of homeowners who

Statement of Center for Responsible Lending California Director Paul Leonard on Legislative Conference Committee Passage of Homeowner Bill of Rights

Legislation Will Level the Playing Field for Borrowers Across California, and Ensure That All Borrowers Get Full and Fair Consideration for Loan ModificationsJune 27, 2012 Six weeks of negotiations between banks, the bipartisan legislative conference committee, the Attorney General and consumer groups have produced a Homeowner Bill of Rights that deserves to pass both floors of the Legislature and be signed by Gov. Jerry Brown as soon as possible. The Homeowner Bill of Rights will prevent unnecessary foreclosures without putting undue burden on banks by implementing the following key

New Research: Homeowner Bill of Rights could speed economic recovery

Loan modifications work, critical to stabilizing housing marketMore than 80 percent of California homeowners who received modifications in 2010 stayed current and avoided re-default despite the continued recession, according to a new Center for Responsible Lending analysis. These new data indicate that the Homeowner Bill of Rights is critical for large numbers of borrowers, their communities and the overall California housing market. The legislation , which has undergone six weeks of intense negotiation with banks, legislators, the Attorney General and consumer

New CRL Research: Predatory Credit Card Practices Hurt Banks’ Bottom Line

Center for Responsible Lending May 8, 2012 Credit card losses in the current downturn mounted faster at banks using unfair, deceptive card practices, new CRL research finds. That’s because high-cost penalty fees and interest rates were not used to mitigate risk—as credit card issuers claimed—but instead were the risk that led to higher default rates. Read the report, “Predatory Credit Card Lending: Unsafe, Unsound for Consumers and Lenders,” here http://rspnsb.li/KJEwgp. In addition to showing that practices that hurt consumers also hurt credit card issuers, the study finds: ·

“Yo-Yo” Car-Dealer Scams Rig the Game, Push Buyers into Bad Loans, New CRL Research Shows

Dealers who use bait-and-switch scams often target those least able to walk away from the dealCenter for Responsible LendingApril 4, 2012 Car dealers often target consumers with poor or no credit for yo-yo scams, a new CRL report demonstrates. “Yo-yo scams occur when a dealer leads a car buyer to believe financing is final,” says CRL senior researcher Delvin Davis, author of the report, Deal or No Deal: How Yo-Yo Scams Rig the Game against Car Buyers. “The dealer lures the consumer back to the dealership, claims the financing fell through, and then pressures the consumer to agree to a

CRL Receives 2012 MacArthur Award for Creative and Effective Institutions

Today the John D. and Catherine T. MacArthur Foundation named the Center for Responsible Lending (CRL) as a recipient of the MacArthur Award for Creative and Effective Institutions.  The award recognizes CRL’s decade of work fighting predatory lending practices nationally, and provides the group with a major grant to support future efforts.  CRL is one of only 15 organizations from six countries to be recognized today with this award. More information about the MacArthur Award can be found at http://rspnsb.li/AAtdIa, and CRL's award profile is at http://rspnsb.li/xufFtQ. “The award

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