CFPB and DOJ Sue Predatory Mortgage Lender for Reverse Redlining, Exploiting Consumers With Limited English Proficiency
DOJ and CFPB jointly sue Colony Ridge for operating an illegal land sales scheme that targeted low-income Hispanic consumers.
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DOJ and CFPB jointly sue Colony Ridge for operating an illegal land sales scheme that targeted low-income Hispanic consumers.
In an op-ed originally appearing on Nov. 8, 2023, in The Hill, NCLC Senior Attorney Chi Chi Wu discusses how the Big Three credit bureaus are trying to convince policymakers that forcing consumers to purchase three credit reports and six scores to get approved for a mortgage is somehow better for consumers than only requiring…
Read More about The Hill: For mortgage applications, two credit reports are better than three
Originally appearing in The New York Times on August 1, 2023, Matthew Goldstein covers rent-to-own company Divvy Homes and quotes Sarah Bolling Mancini with references to recent testimony before the U.S. Senate Banking Committee. Divvy’s roughly 50 percent success rate might be better than that of many smaller rent-to-own firms, but that isn’t good enough.…
Appearing in ProPublica on July 12, 2023, Jessica Lussenhop quotes Sarah Bolling Mancini in coverage of a U.S. Senate subcommittee hearing on alternative home financing deals that leave unwitting buyers financially devastated and unscrupulous sellers free to resell the properties. These financial products are a “costly and harmful detour from homeownership….NCLC estimates that the failure…
Sarah B. Mancini will join hybrid hearing on “rent-to-own” home financing arrangements that exploit vulnerable homebuyers The hearing is scheduled to begin at 2:30 p.m. ET on Tuesday, July 11, 2023. Livestream. Full Testimony (available after the hearing) WASHINGTON – Today, Sarah Bolling Mancini, co-director of advocacy at the National Consumer Law Center, will testify…
NCLC Advocates Praise New Requirement for Use of Supplemental Consumer Information Form WASHINGTON – Today, the U.S. Department of Housing and Urban Development’s Federal Housing Administration (FHA) announced that it will require lenders making FHA-insured mortgage loans to use the Fannie Mae/ Freddie Mac Supplementary Consumer Information Form (SCIF) to collect a mortgage applicant’s language…
Read More about FHA to Require Mortgage Originators to Ask Borrowers about Language Preference