CFPB Provides Advice, Guidance on COVID-19 Resources
In a confusing and scary time, the CFPB is a source for unbiased and informed information on a variety of financial hurdles that families can expect to face in the coming months.
In a confusing and scary time, the CFPB is a source for unbiased and informed information on a variety of financial hurdles that families can expect to face in the coming months.
A study found that minorities are denied mortgages more than whites, even when accounting for income and other factors.
Washington, DC – Today, in response to the announcement of enhancements to the Home Affordable Modification Program (HAMP) by the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development, the National Community Reinvestment Coalition (NCRC)’s President and CEO John Taylor made the following statement: “NCRC applauds the Treasury Department and …
NCRC Applauds Enhancements to Home Affordable Modification Program Read More »
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded the Washington, DC City Council’s passage of a responsible banking ordinance, which will require banks bidding on municipal deposits and investments to submit community development plans describing the loans, investments, and bank services they would provide to minority and modest-income neighborhoods. “We applaud the …
NCRC Applauds Passage of Community Development Amendment Act in Washington, DC Read More »
Comment Letter on Proposed Home Mortgage Disclosure Act Data Rule.
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) and other consumer advocacy organizations submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) regarding the proposed modifications to Regulation C, which will implement changes to the Home Mortgage Disclosure Act (HMDA). The letter applauds the expanded collection of data elements and …
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) submitted a comment letter on the Federal Housing Finance Agency’s proposed 2015-2017 Enterprise Housing Goals. “The affordable housing goals proposed by FHFA fall far short of what will be needed to ensure that all creditworthy Americans have access to mortgages,” said NCRC President and CEO …
NCRC Calls for Strengthening of FHFA’s Proposed Affordable Housing Goals Read More »
Washington, DC – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of new mortgage servicing rules, NCRC President and CEO John Taylor made the following statement: “The CFPB’s new mortgage servicing rules set bright lines for mortgage servicers and help to ensure that consumers will be treated fairly and with respect. In …
Washington, DC – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of the Qualified Mortgage (QM) rule and the inclusion of a legal “safe harbor” for certain qualified mortgages, NCRC President and CEO John Taylor made the following statement: “The Consumer Financial Protection Bureau, in creating a legal safe harbor for certain …
NCRC Statement on the CFPB’s Qualified Mortgage Rule Read More »
Washington, DC — Today, in reaction to the announcement of an $8.5 billion settlement between the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board and ten banks, NCRC President and CEO John Taylor made the following statement: “While compensation for homeowners who have been harmed is a good thing, it is …
NCRC Statement on OCC and Federal Reserve Settlement with Servicers Read More »
Foreclosure Damage Index-Center for Responsible Lending
The report addresses the concerns surrounding foreclosure prevention rescue scams. The research study was conducted for a period of three months in mid-2009 using “fair lending matched pair testing” or mystery shopping” to assess the extent of the problem. Findings of the study demonstrate that an aggressive legislative solution and added public and private oversights …
Foreclosure Rescue Scams: A Nightmare Complicating the American Dream Read More »
Enacted by Congress in 1975, the Home Mortgage Disclosure Act (HMDA) requires banks, savings and loan associations and other financial institutions to publicly report detailed data on their home lending activity. Over the years, community organizations and concerned citizens have used HMDA data as a tool to determine which banks are lending in their community. …
Since the last review of the Home Ownership and Equity Protection Act (HOEPA) by the Federal Reserve Board, the home mortgage market has changed considerably. Subprime lending has become a dominant force, unregulated mortgage brokers now originate a large part of the mortgages, and exotic mortgages with exploding interest rates have become a common occurrence. …
Anti-Predatory Lending and Sustainable Homeownership Read More »