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Center for Responsible Lending

Breaking Down Overcharges by Brokers: N.C. Takes a Big Step

by Moe Bedard

From the Center for Responsible Lending:

In all the ongoing analysis of the foreclosure crisis, one point should not get lost: mortgage brokers played a key role in making the abusive subprime loans that continue to wreck the U.S. economy. 
Today North Carolina became the first state to ban systematic overcharging by brokers.  Governor Mike Easley signed [...]

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New York Tackles Reckless Subprime Lending…Will California Be Next?

by Moe Bedard

Recent headlines have been gloomy: housing prices continue to sink, Wall Street executives knowingly pushed bad subprime investments, and mortgages keep failing in droves.  As Congress debates how to put the economy back on track, the good news is that the states are moving ahead to prevent another subprime crisis in the future and strengthen [...]

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Statement From Michael Calhoun – President, Center for Responsible Lending

by Moe Bedard

WASHINGTON, March 19  /PRNewswire-USNewswire/ — The Federal Reserve Board has repeatedly tried since September to contain the foreclosure crisis damage that’s spreading rapidly into the general economy. It has lowered key interest rates a half dozen times and, to quote the Wall Street Journal, “undertaken the broadest expansions of its lending authority since the 1930s.” [...]

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Mortgage Bankers’ Defense Remains Unconvincing: Voluntary Foreclosure Prevention Is Not Working

by Moe Bedard

DURHAM, N.C., Jan. 31 /PRNewswire-USNewswire/ — Recently the Center or Responsible Lending (CRL) released an analysis showing that during the third quarter of 2007, mortgage lenders initiated foreclosures seven times more requently than they modified mortgages, and 13 times more frequently than they modified problematic adjustable-rate subprime loans. In addition, CRL estimated that under the Treasury [...]

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Statement of Center for Responsible Lending in Response to President Bush’s Plan to Address Foreclosure Crisis

by Moe Bedard

From the Center of Responsible Lending December 6, 2007
With 2 million foreclosures predicted over the next two years, the plan announced by President Bush for targeted loan modifications for some subprime borrowers is a positive, but very limited, first step. CRL estimates the President’s plan will only help about 7% of subprime borrowers—about 145,000 families—because of the program’s [...]

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Despite Lender Rhetoric, Modifications to Date Have Been Limited

by Moe Bedard

 Paul Leonard, California Office Director for the Center for Responsible Lending in recent testimony said;
Despite Lender Rhetoric, Modifications to Date Have Been Limited
For months now, many large servicers have been trumpeting their efforts to contact borrowers facing resets early and to offer aggressive loan modifications. To date, however, the reality of results has not matched the [...]

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