John Taylor on CBS News | Aug 18, 2011
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John Taylor
NCRC Opposes Congressional Attempt to Weaken Consumer Protections
Read letter: Opposing Moran (#391) To Gut CFPB and DeMint (#394) To Repeal Dodd-Frank Act by Americans for Financial Reform
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John Taylor on All Things Considered | April 13, 2011
NPR Radio | All Things Considered After several months of investigation into the so-called robo-signing scandal, federal banking regulators have issued cease-and-desist orders to 14 of the nation’s largest mortgage servicers. As a result, these firms — including Bank of America, JP Morgan Chase and Wells Fargo — will have to change the way they
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Politics Threaten to Undermine Meaningful Consumer Protection
An Axe to the Heart of Consumer Protection: Politics As Usual Threaten to Undermine Meaningful Consumer Protection Consumer Groups Call on Congress to Cease Efforts Aimed to Undermine the Consumer Financial Protection Bureau Washington, DC – As the House Financial Services Committee prepares to meet this Thursday to vote on newly introduced bills aimed to
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John Taylor on The Callie Crossley Show | May 4, 2011
(Un)affordable Housing | WGBH Radio 89.7 Over ten million cash-strapped renters are spending more than half their paycheck on rent and utilities, according to a new study from the Harvard University Joint Center For Housing Studies. At the same time that the housing market took a dive, construction on rental properties slowed, rentals became more
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NCRC Opposes Weakening the CFPB
As Expected, Effort Underway To Weaken Consumer Financial Protection Bureau NCRC’s John Taylor Says Financial Lobby Strangling Reform Washington, DC – John Taylor, CEO and President of the National Community Reinvestment Coalition, released this statement today about the markup of legislation by the House Financial Services’ Subcommittee on Financial Institutions and Consumer Credit. Two bills
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BOA Announces Principal Reduction Program for Military
Bank’s Home Loan Modification Reduces Principal by Tamara Keith March 10, 2011 Listen to the Story Bank of America is announcing on Thursday a loan modification program to help military service members who are behind on their mortgages. What’s unique about the program is that the bank is offering to reduce the principal owed on
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John Taylor: Foreclosures Are the Mortal Enemy to Economic Recovery
By: Lori Ann LaRocco CNBC Sr. Talent Producer Published: Monday, 29 Nov 2010 | 10:17 AM ET Â The foreclosure crisis still divides us into two camps. There are those who believe that foreclosing rapidly on homes subject to defaulted mortgages is vital to clearing the market. Others believe we should do everything we can
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While HAMP Program Continues to Fail, Treasury Hides the Ball
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
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NCRC Calls For Federal Investigation Into Lenders’
NCRC Calls For Federal Investigation Into Lenders’ Refusal to Make Loans to Working Class Families
Files 22 Complaints With HUD Over Lenders’ Unfair & Discriminatory Policies
WASHINGTON, DC — The National Community Reinvestment Coalition (NCRC) today called on federal agencies and banking regulators to investigate the nation’s largest Federal Housing Administration (FHA) approved lenders for possible violations of federal housing rules by refusing to offer loans to qualified Americans to the FHA policy of a minimum credit score of 580 and above with a 3.5% downpayment.
A recent NCRC investigation found that the majority of top FHA lenders failed to offer applications for federal-guaranteed loans to potentially qualified borrowers with credit scores below 620 or 640, even though FHA guarantees loans with credit scores to 580. These lenders have policies that establish “credit overlays” above the FHA policy, with minimum credit score requirements as high as 640. One-third of all Americans have credit scores under 620.
“Critical to our nation’s economic progress is the ability of homeowners to get quality refinancing, and for homebuyers to reclaim vacant houses by accessing quality mortgage credit, ” said John Taylor, president & CEO of the National Community Reinvestment Coalition.
“The decision by some banks to not follow the FHA’s policy is cutting qualified borrowers off from accessing credit, and in doing so, causing harm to their ability to prosper, build wealth and for our economy to grow. And this decision is arbitrary, because the loans are 100% guaranteed, whether the borrower’s credit score is 580 or 780. That means the loans with lower credit scores don’t pose additional risk to the company, so there’s no legitimate business defense for this across-the-board practice. A lender is only at risk if they fraudulently or improperly originated the loan, against FHA’s underwriting criteria. As is the case across the secondary market, in that situation, the lender can be forced to buy back the bad loan,” said Taylor.
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NCRC Files “Landmark” Fair Housing Complaints
An investigation by the National Community Reinvestment Coalition (NCRC) discovered that a majority of the top 50 FHA lenders have instituted policies that limit access to credit to working families in low- and moderate-income communities, and in communities of color, the very same communities that have been most harmed by the greed and malfeasance of
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Rev. Jesse Jackson, Faith Leaders Call For Congressional Action on Foreclosure Crisis, Bank Lending
Impact from Foreclosure Crisis Expanding, Churches Feeling the Pain As Thanksgiving Comes Washington, DC – Dozens of faith leaders today joined Rev. Jesse Jackson, Sr., in calling for congressional action to address the foreclosure crisis and to strengthen and enforce the Community Reinvestment Act (CRA), in order to stabilize communities nationwide that have been