Press Releases

Although payday loans are marketed as quick solutions to occasional financial shortfalls, new research from the Center for Responsible Lending shows that these small dollar loans are far from short-term. Payday Loans, Inc., the latest in a series of CRL payday lending research reports, found that payday loan borrowers are indebted for more than half of the year on average...

New research by the Center for Responsible Lending finds that banks and other loan servicers often foreclose when investors have more to gain from a loan modification. The study—" Fix or Evict? Loan Modifications Return More Value than Foreclosures"—also finds that the industry's poor track record on loan modifications can't be blamed on homeowners who re-default. The research involved running...

REALTORS ® , Homebuilders, consumer groups urge federal regulators to avoid arbitrarily high mortgage down payments, which would hurt the economy by unfairly and unnecessarily closing the door to home ownership for many middle-class families. http://qa.crl.w.lmdagency.net/research-publication/joint-letter-regulat… For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org; Ginna Green at (510) 379-5513 or ginna.green@responsiblelending.org; or Charlene Crowell at (919) 313-8523 or...

Some of the biggest banks in the nation still collect excessive fees from American families by encouraging overdrafts and manipulating their customers' accounts. Recent comments in the media suggesting that Americans overwhelmingly choose this costly product are suspect, in part because they overlook millions of customers at banks that do not offer the costly option for debit card transactions. These...

Responding to widespread evidence of improper accounting, unwarranted fees, false documentation, and arbitrary foreclosure decisions, the 50 state Attorneys General are crafting a long-overdue plan to hold the mortgage servicing industry accountable. The plan would address accusations that banks and servicers have engaged in illegal and negligent servicing practices that have been a continued drag on the U.S. housing market...

Oakland, Calif.--Californians struggling to overcome heavy debt will have greater protections and greater success if a bill by State Sen. Majority Leader Ellen Corbett (D-San Leandro) becomes law. Debt settlement companies advertise prominently on radio and television that they will reduce debts for pennies on the dollar, aiming to attract consumers dealing with overwhelming debt loads. Yet they typically collect...

Oakland, Calif.—California State Sen. Mark Leno (D-San Francisco) and Senate President pro Tem Darrell Steinberg (D-Sacramento) vowed at the end of last year's legislative session that they would not give up on trying to prevent wrongful foreclosures of California homeowners. Their 2010 bill, which would have put an end to banks' pursuing foreclosures while simultaneously considering loan modifications, passed the...

Even as 50,000 new foreclosures start every week, the House Financial Services Committee votes tomorrow on four bills to dismantle programs aimed at helping homeowners. Industry figures show that more households than ever are in some stage of foreclosure, with over five million mortgage holders now at risk of losing their homes. Avoiding unnecessary foreclosures and encouraging loan modifications will...

Oakland, Calif.—According to a recent poll of registered San José voters, liquor stores and check-cashers are more popular than payday lenders, with payday lenders' unfavorable rating reaching 52 percent while liquor stores and check-cashers had unfavorable ratings of 34 and 46 percent, respectively. Payday lenders make small, short-term loans secured by a borrower's post-dated personal check that carry interest rates...

Washington, D.C. --- The latest figures from the Mortgage Bankers Association show that reported mortgage delinquency rates moved down slightly in fourth quarter 2010, but more than five million homeowners remain at risk of losing their home to foreclosure. The number of homeowners currently in some stage of the foreclosure process actually increased 5% from third quarter. Meanwhile, Hope Now...