Press Releases

Statement by Mike Calhoun, president of CRL, on credit card legislation proposed today by Joint Economic Committee Chairwoman Carolyn Maloney and House Financial Services Committee Chairman Barney Frank "Hard-working Americans who use credit cards to help pay bills, buy groceries, and make ends meet need relief sooner rather than later from the industry's destructive tricks and traps, especially during hard...

"We're pleased Chairman Frank remains dedicated to the creation of an agency focused on ensuring that consumer financial markets work fairly. Moving forward, we must ensure that the agency isn't dominated by the regulatory agencies that helped cause the current crisis. We must ensure it has oversight over the financial products that are critical in the daily lives of millions...

Foreclosure trends in North Carolina are dramatic and disturbing. Over recent years, foreclosure filings have tripled, with almost 40,000 foreclosure filings in the first eight months of this year. In addition, at the end of the second quarter 2009, the MBA National Delinquency Survey states that one out of ten NC borrowers are behind on their home loan. For the...

"On the anniversary of the costliest financial bailout in U.S. history, we back President Obama's renewed call for the creation of a new agency to bring commonsense oversight to the financial services industry and, in the process, protect consumers, taxpayers and the economy from a repeat of the current fiasco. The regulators responsible for making our financial system work have...

Statement by Michael Calhoun, President, Center for Responsible Lending The federal report card on the mortgage industry's voluntary effort to stop foreclosures shows a growing number of families have received a loan modification. That's good news, but hardly enough. Given the magnitude of serious delinquencies and projected foreclosures starts in the months ahead, these gains fall far short of what's...

The Mortgage Bankers Association (MBA) reported today that serious mortgage delinquencies (those 90+ days past due or in foreclosure) reached record levels in 2nd Quarter 2009, surpassing the previous record set one quarter earlier. According to new MBA statistics, over 13% of all loans are now past due and 1 in 12 borrowers is seriously delinquent on their mortgage. By...

Statement of Eric Halperin, CRL Senior Litigation Counsel and Deputy Director "This morning's New York Times reported that a federal court in Manhattan has declined to take action on a lawsuit pending between Countrywide Financial Corporation and certain mortgage investors. Nothing in the court's decision casts any doubt on mortgage servicers' legal ability to modify distressed loans. Instead, Judge Holwell's...

The proposed regulations issued Tuesday, August 4 by the Virginia Bureau of Financial Institutions (BFI) confirm that payday lenders continue at every turn to avoid regulation. The Center for Responsible Lending applauds BFI for providing guidance and oversight of this industry, particularly when the legislature has allowed so many loopholes. The proposed regulations will: Prevent the industry's practice of avoiding...

The report card issued by the Treasury Department today shows that financial companies deserve a failing grade in their voluntary efforts to modify home loans to help restore the U.S. economy. The results reveal that only 15 of every 100 families who are eligible for a modification of their mortgage have been offered one. That's 85 distressed families left with...

The Center for Responsible Lending applauds the National Credit Union Administration (NCUA) for issuing guidance Wednesday to federal credit unions about payday loans, warning them of reputational and other risks connected with this activity. NCUA notes that fees including participation fees and minimum monthly charges should be counted towards the 18% APR cap. NCUA notes "…borrowers find themselves in cycles...