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Center for Responsible Lending

To Rescue Local Economies, Cities Seize Underwater Mortgages Through Eminent Domain

Peter Dreier | Posted 09.17.2013 | Politics
Peter Dreier

In almost every part of the country, entire neighborhoods -- and in some cases, whole cities -- are underwater. They are not victims of natural disasters like Hurricanes Katrina and Sandy. They are drowning in debt, victims of Wall Street's reckless and predatory lending practices.

The State of Lending: Progress & More Work

Ellen Schloemer | Posted 02.09.2013 | Money
Ellen Schloemer

This week, the organization I work for -- the Center for Responsible Lending (CRL) -- will release the first in a series of reports on the prevalence ...

Plain English, or Greek?

Ellen Schloemer | Posted 09.18.2012 | Money
Ellen Schloemer

The foreclosure review materials scored ZERO readability -- the only documents I know of that score that low are IRS publications. Is that the standard the regulators and servicers wanted to match?

Report: Wells Fargo Extends Loans With Extremely High Interest Rates

The Huffington Post | Bonnie Kavoussi | Posted 04.17.2012 | Business

Big banks are participating in a practice commonly associated with the use of big signs to lure vulnerable Americans. Wells Fargo, the country's b...

Missing the Greater Good

Ellen Schloemer | Posted 06.16.2012 | Money
Ellen Schloemer

Even the conservator of Fannie Mae and Freddie Mac now says mortgage write-downs may make economic sense for the two housing finance giants. All of which begs the question: What if the industry had made these moves sooner?

Few Things Are 100% Predictable, But Here's One..

Ellen Schloemer | Posted 05.26.2012 | Money
Ellen Schloemer

Imagine how many people would have walked away from getting a subprime mortgage if the broker had told them, "The rate on this loan is 2% higher than you qualify for, because I make more money that way."

Americans Got A Little Bit Less Angry At Banks Last Year

Reuters | Posted 05.01.2012 | Business

* Complaints against banks drop 30 pct-BBB * Payday lender complaints rise * Banks facing new restrictions on consumer p...

Loren Berlin

Report: Proposed Down Payment Rules Could Limit Minorities' Access to Affordable Homebuying

HuffingtonPost.com | Loren Berlin | Posted 01.18.2012 | Business

Nearly three-quarters of African-American and Latino mortgage borrowers could be excluded from affordable homeownership if federal regulators approve ...

Katy Perry Downloads And Stolen Cars: Putting The Foreclosure Mess In Perspective

The Huffington Post | Harry Bradford | Posted 01.18.2012 | Business

How rotten is the state of the U.S. housing market? A foreclosed home for every single person currently living in Denmark still wouldn't exceed the nu...

PHOTOS The 11 Biggest Foreclosure Fails Of 2011

The Huffington Post | Harry Bradford | Posted 01.13.2012 | Business

The housing collapse and subsequent foreclosure crisis has claimed the homes of millions of Americans. But that tragedy may only be matched by the abs...

Loren Berlin

Foreclosure Crisis Far From Over

HuffingtonPost.com | Loren Berlin | Posted 11.17.2011 | Business

Five years in, the nation is less than halfway through its foreclosure crisis, the nonpartisan Center for Responsible Lending warned in a report relea...

Banks Increasingly Use Payday Loans Despite Crackdown On Predatory Lending

The Huffington Post | Alexander Eichler | Posted 09.21.2011 | Business

Two years after the recession officially ended and one year after the creation of a landmark financial law meant to prevent another financial crisis, ...

Effective Housing Reform Requires Mortgage Lenders Retain Risk: Official

Posted 08.24.2011 | Business

WASHINGTON - Regulators want to ensure mortgage lenders retain some of the risk on loans they originate, as it is crucial to strengthen the housin...

Those Walking Away From Mortgages Aren't Who You'd Expect

AOL Real Estate | Catherine New | Posted 07.11.2011 | Business

Like so many American homeowners, he lost his job in the financial crisis and watched the value of his house plunge. Unable to modify his loan -- and ...

Banks Should Pay for the Foreclosure Crisis

Peter Dreier | Posted 07.02.2011 | Business
Peter Dreier

We can't solve California's fiscal disaster without addressing the foreclosure crisis. It doesn't make sense to make severe cuts to state and local budgets only to allow Wall Street banks and their overpaid CEOs to drain billions more from our states.

Credit Card Offers Still Too Complex To Decipher: Study

AP | EILEEN AJ CONNELLY | Posted 05.25.2011 | Business

NEW YORK — It's becoming a little bit easier for credit card holders to understand the interest rates and penalty charges they face. That's because ...

Arthur Delaney

Credit Card Reform Makes It Easier To Pay Down Your Balance: Center For Responsible Lending

HuffingtonPost.com | Arthur Delaney | Posted 05.25.2011 | Business

The credit card reform that took effect this year can save big money for cardholders who pay more than their minimum account balance -- as much as $2 ...

Showdown on Wall Street and K Street

Peter Dreier | Posted 05.25.2011 | Politics
Peter Dreier

Organizers believe that the recent victory on health care reform will help propel a similar movement to take on banking giants.

Foreclosure Epidemic Hits Minority Communities The Hardest

Posted 05.25.2011 | Business

The foreclosure crisis has been much harder on African-Americans and Latinos, according to a new study by the Center for Responsible Lending (CRL). ...

Watchdog Group: Stop Big Banks From Offering High-Interest Payday Loans

Nate C. Hindman | Posted 05.25.2011 | Business
Nate C. Hindman

Consumer watchdogs are calling on regulators to stop mainstream banks like Wells Fargo from offering customers payday-style loans that they say trap borrowers in long-term debt.

Shahien Nasiripour

As Economy Crashes, Banks Make A Killing On Overdraft Fees

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

Talk about kicking people when they're down. Banks and credit unions made an eye-popping $24 billion in overdraft fees in 2008, according to a rep...

10 Ways Credit Card Companies Are Still Ripping You Off

businessinsider.com | Lawrence Delevingne | Posted 05.25.2011 | Business

Credit card companies are already finding new ways to get rich at your expense, all while racing to increase penalties and other charges before Februa...

Arthur Delaney

Center For Responsible Lending In Fight With Front Group

HuffingtonPost.com | Arthur Delaney | Posted 05.25.2011 | Business

The Consumers Rights League alleges that its nemesis, the Center for Responsible Lending, is failing to properly disclose allegedly nefarious lobbying...

Arthur Delaney

Credit Card Abuses Won't Stop After Reform Takes Effect: Report

HuffingtonPost.com | Arthur Delaney | Posted 05.25.2011 | Business

Next February, the credit card reforms signed into law by President Obama earlier this year will finally take effect. Goodbye arbitrary rate hikes. He...

Arthur Delaney

Most Payday Borrowers Take On More Loans In A Hurry: Study

HuffingtonPost.com | Arthur Delaney | Posted 05.25.2011 | Business

Payday loans are touted as a useful financial product for middle-class households that just need a little help making ends meet in the short term. But...