Research

CRL has uncovered substantial evidence that IndyMac Bank engaged in unsound and abusive lending during the mortgage boom, routinely making loans without regard to borrowers' ability to repay. CRL interviews with former employees and lawsuits in 10 states indicate that IndyMac: pushed through loans based on bogus appraisals and income data that exaggerated borrowers' finances, worked hand-in-hand with mortgage brokers who misled borrowers about their rates and other loan terms and stuck them with unwarranted fees, and treated many elderly and minority consumers unfairly. In interviews and court...

HR 6076: Home Retention and Economic Stabilization Act Why is H.R. 6076 needed? Approximately 20,000 subprime foreclosures are starting every week, and the situation is projected to get worse. The rate of foreclosures continues to accelerate, despite the efforts of programs like HOPE NOW, which encourage lenders and servicers to avoid unnecessary foreclosures by voluntarily modifying loan terms to make them commercially reasonable and sustainable. Housing counselors and loan servicers are overwhelmed by the numbers of families needing assistance and have not had time to staff-up to meet the...

Read the executive summary (pdf) >> Unfair bank practices threaten to shred the safety net of Social Security for older Americans New CRL research finds that unauthorized overdrafts strip fees from Americans 55 and older at the level of $4.5 billion per year. Nearly $1 billion of that comes from people who are heavily dependent on Social Security income. CRL's June 18, 2008 report also finds that debit cards are the most frequent trigger for overdrafts even for people 55 and older – these debit card overdrafts are both extremely costly and easy to prevent if the banks were interested in...

A new CRL survey finds respondents prefer that their bank or credit union deny debit card purchases that are not covered by the funds in their checking account, whether their purchase is for $5, $20 or $40. More consumers are enrolled in the most expensive option than any other option for covering overdrafts, the survey also finds.

"Steered Wrong" Executive Summary In recent years, a majority of subprime loans made in the United States have been originated by mortgage brokers, who can properly be characterized as the "engine" of the subprime market. The rapid growth of subprime lending was fueled by thousands of mortgage brokers across the country delivering billions of dollars of subprime loans to mortgage lenders, who in turn packaged and sold them to Wall Street investors. Because of their major role, mortgage brokers have had significant influence in which loans were originated, who received them, and at what price...

Court-supervised modifications: Preventing foreclosures and lost community wealth No matter where you live, the subprime crisis is causing unnecessary foreclosures and draining resources in your community. By lifting the ban on court-supervised load modifications for qualified homeowners, Congress can help nearly 600,000 families nationwide keep their homes and help communities retain an estimated $89 million in tax revenues. To find out the impact Senate bill S. 2636 could have on a particular state, click on the links below. United States Alabama Alaska Arizona Arkansas California Colorado...

This report is part of CRL's continuing Countrywide Watch project, which is dedicated to tracking Countrywide's conduct and efforts to reform the company. Analysis of customer complaints, lawsuits, regulatory actions, news accounts, government reports and company documents identifies several areas of concern, including predatory lending, the marketing of dangerous products, loan servicing abuses and weak corporate governance. The Center for Responsible Lending believes Bank of America's planned acquisition of Countrywide is a positive development offering hope that Countrywide's practices can...