Press Releases

2.7 million of the mortgages made at the height of the housing bubble have ended in foreclosure and at least another 3.6 million likely will fail in the next few years, a new CRL research report shows. That means the nation is not yet midway through a foreclosure crisis that mires the economy. The report— Lost Ground, 2011—finds that while...

While protests on Wall Street have the media spotlight these days, there is an even broader, bipartisan majority of Americans who support financial reform and want a strong Consumer Financial Protection Bureau (CFPB). So it's good that the Senate Banking Committee today approved the nomination of Richard Cordray as Director of the CFPB. Mr. Cordray has a strong track record...

The latest Mortgage Bankers Association (MBA) mortgage report shows a rise in 30-day delinquencies, including an increase in late payments on prime, fixed-rate mortgages. Overall, the picture hasn't changed significantly from first quarter, as one in 11 mortgage holders remains at serious risk of foreclosure (60 days delinquent or more). Serious delinquencies and foreclosure starts continued to show declines, as...

Over 38 million vehicles were financed through an auto dealer last year, with many loaded with abusive lending practices that cost Americans billions of dollars. Auto dealers often steer unsuspecting buyers into overpriced loans, especially when kickbacks from the bank to the dealer are involved. Until now such practices have continued largely unknown to consumers and unregulated, but new consumer...

Last night a majority of House members voted against a strong, independent Consumer Financial Protection Bureau, and in favor of the flawed lending and weak oversight that sparked our economic meltdown. In doing so, they sided with Wall Street lobbyists and big-money financial firms, and against Americans' wallets and our economic recovery. These lawmakers are clearly out of touch with...

Banks regulators should ban these 365 percent APR products especially for seniors on fixed government income Payday loans made by banks carry sky-high interest rates—an average 365 percent APR—and, though marketed as short-term debt, regularly lead borrowers into long-term debt, new CRL research shows.* For the full report, http://rspnsb.li/nkyx95. The new report, Big Bank Payday Loans, shows that, on average...

An overwhelming majority of Americans—Republican, Democratic, and Independent—favor strong, sensible oversight of the financial services industry, including a strong and independent Consumer Financial Protection Bureau, a new poll finds. (Read CRL's analysis.) By a 3 to 1 margin Americans want financial firms held accountable and financial reforms to take effect as soon as possible. And they want the CFPB—created by...

When the Consumer Financial Protection Bureau officially opens its doors this Thursday, Americans will finally have a watchdog to ensure that financial products provide value—not landmines—to consumers. But opponents of financial reform are trying to hamstring the CFPB to make it ineffective; one example is the threat by 44 Senators to block nomination of any CFPB Director unless the Bureau...

Mortgages servicers should be required to give every mortgage holder "a good-faith review of foreclosure alternatives " before taking steps to take his or her home, CRL president Michael Calhoun told Congress today.&p> In testimony before the House Financial Services Committee 's Subcommittee on Financial Institutions and Consumer Credit and Subcommittee on Oversight and Investigations, he recommended that servicers be...

CRL, the National Consumer Law Center and other groups yesterday filed a joint comment letter on why a new proposal by the Office of the Comptroller of the Currency makes no sense, will not stand up in court, and should be withdrawn. [ Read the letter.] Specifically, the OCC has proposed that nationally chartered banks can continue to ignore state...