Press Releases

Washington, D.C. --- Based on what we've heard, the settlement between major banks and states' Attorneys General (AGs), the federal Department of Housing and Urban Development, and the Department of Justice would represent an important step forward in addressing foreclosure abuses. The settlement would include key reforms to clean up unfair mortgage servicing practices. It would also provide an important...

As federal regulators consider setting down-payment standards on new mortgages, a new study shows such rules could push 60 percent of creditworthy borrowers into high-cost loans or out of the market altogether. A proposal by regulators to define a high-quality mortgage as one with at least a 20 percent down payment, or possibly 10 percent, would hobble a healthy segment...

The appointment of Richard Cordray as director of the Consumer Financial Protection Bureau is welcome news. Finally, the agency can run at full speed, policing the financial marketplace to make it fairer and more competitive. Mr. Cordray begins his job with overwhelming public support: by a 5 to 1 margin that cuts across party lines, Americans want Wall Street reform...

North Carolina has been – and I hope will continue to be – a leader in finding effective solutions to predatory lending. Over the past decade, our lawmakers struck an effective balance between strong financial markets and fair consumer protections, enacting laws that are now models for other states and Congress. In the area of housing, North Carolina has often...

Today's Department of Justice fair lending settlement with Countrywide Financial is welcome news in a housing market still reeling from the costs of rampant predatory lending. Countrywide was the largest of the rogue mortgage lenders that caused the current crisis. Regulators' lax lending rules and loose oversight allowed these bad practices to flourish. The DOJ settlement deals exclusively with Countrywide...

By a vote of 53-45 today, Senators failed to confirm Richard Cordray as head of the Consumer Financial Protection Bureau. Now there's a clear record of who wants a return to the policies that sparked the financial crisis and taxpayer bailouts, and who wants reforms to make sure this never happens again. For more information: Kathleen Day at (202) 349-1871...

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...