Calls for Federal Reserve to Hold Public Hearings and Extend Comment Period on Capital One Acquisition of ING Direct USA Washington, DC — The National Community Reinvestment Coalition (NCRC) announced today that it will oppose the Capital One acquisition of ING Direct USA, citing serious concerns about the impact of the deal on consumers, communities […]
NCRC Opposes Capital One Deal Read More »
July 25, 2011 — NCRC head John Taylor wrote Federal Reserve Board Chairman Ben Bernanke to request that the Federal Reserve hold public hearings in five cities and extend the comment period on the Capital One acquisition of ING Direct USA, citing serious and pervasive concerns about the deal. Download the Letter
NCRC Request to Bernanke to Hold Public Hearings on Capital One Deal Read More »
Background on Qualified Residential Mortgages The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) promoted responsible lending by requiring financial firms to retain 5 percent of the credit risk when they sell loans to investors. Leading up to the crisis, mortgage firms did not carefully underwrite loans and then sold loans to
QRM | Qualified Residential Mortgages Read More »
Letter to Regulators Regarding Consent Orders
Regulators Servicing Consent Orders Read More »
NCRC commented on the recent Bloomberg by Carter Dougherty. http://www.bloomberg.com/news/2011-01-20/fed-abandons-plan-to-curb-borrower-rights-to-rescind-mortgages.html
FED Abandons Plan to Curb Borrower Rights Read More »
Washington, DC – A new report from the Congressional Oversight Panel shows that the Administration’s leading foreclosure prevention program, the Home Affordable Modification Program (HAMP), will modify less than 5% of the loans that will go into foreclosure by program end. An estimated 8 to 13 million foreclosures will take place by 2012. The report
While HAMP Program Continues to Fail, Treasury Hides the Ball Read More »
NCRC Urges Fed To Stimulate Economy By Demanding Principal Reductions On Its Loans Worth $1.1 Trillion Taylor Says Federal Government Has Power, Authority to Obtain Reductions on Majority of Mortgage Market Washington, DC – In its efforts to stimulate the economy, the Federal Reserve should demand that banks reduce the principal balances on $1.1 trillion
NCRC Urges Fed To Stimulate Economy By Demanding Principal Reductions Read More »
Senate bill weaker on consumer protections than House bill will need to get strengthened in conference committee
Washington, DC– Today, the United States Senate passed a financial reform bill . A last minute managers amendment from Senator Dodd has not been made public yet, but based on the details of the bill known earlier today, John Taylor, president and CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:
The Senate has today passed a promising financial reform bill: necessary financial reforms will become law. But this legislative victory came at a great cost. More than 8 million Americans lost their livelihood, and millions are losing their homes. Families and whole neighborhoods have been torn apart. Unfortunately, this is more than lost decade for many Americans; this has been the destruction of the American Dream.
Wall Street Reform Passes Senate Read More »
Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy and Avoid Accountability Brought by Financial Reform Bill
Senate bill needs to get stronger to protect consumers
Washington, DC — As the Wall Street reform debate opens in the Senate, the financial services lobby is pulling out all the stops to weaken or even kill the financial reform bill. On a mission to fight off oversight and accountability, Wall Street banks have already poured in millions of dollars, deployed over a thousand lobbyists, including former members of congress, all in efforts to fight off the bill and guard their lofty profits. The National Community Reinvestment Coalition urged the Senate today to fight on behalf of the American people for strong reform that ensures that the financial system is fair, transparent, and accountable.
Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy Read More »
