Mortgage Lending & Access to Homeownership Archives

Letter to HUD Regarding Comments to Mortgagee Letter 2020-06

April 30, 2020

Organizations comment on HUD’s response to the COVID-19 epidemic and on its implementation of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act through Mortgagee Letter 2020-06.

Advocates: HUD Must Do Much More to Protect Older Reverse Mortgage Borrowers in the Coronavirus Epidemic

March 24, 2020

Washington, D.C. – The National Consumer Law Center, Americans for Financial Reform Education Fund, and 40 other groups sent a letter today to the U.S. Department of Housing and Urban Development (HUD) seeking stronger protections for reverse mortgage borrowers in response to the COVID-19 pandemic. The agency has announced a 60-day halt on foreclosures of…

Letter to CFPB in Response to Rulemaking Regarding the Definition of a Qualified Mortgage (QM)

January 21, 2020

The undersigned organizations are writing in response to the Consumer Financial Protection Bureau’s (Bureau) rulemaking regarding the definition of a Qualified Mortgage (QM).

In the Wake of HUD Major Policy Change on Non-Borrowing Spouses, NCLC Attorney to Testify Before U.S. House on Risks to Elders from Reverse Mortgage Abuses

September 24, 2019

Washington, D.C.- National Consumer Law Center attorney Sarah Bolling Mancini will testify on Wednesday, September 25 at 2pm E.T. before the U.S. House Financial Services Committee Housing, Community Development, and Insurance Subcommittee at a hearing entitled “Protecting Seniors: A Review of the FHA’s Home Equity Conversion Mortgage (HECM) Program.” The hearing follows a major policy…

Response to ANPRM on the Qualified Mortgage Definition

September 10, 2019

The undersigned organizations, all of which have a strong interest in access to sustainable homeownership and consumer protection, write as a group to underscore the singular importance of ensuring that the GSE Patch does not expire without additional steps being taken to ensure adequate access to mortgage credit.

HUD’s Disaster Relief Changes Will Allow for Faster Relief, But More Flexibility is Still Needed

September 4, 2019

FOR IMMEDIATE RELEASE: September 4, 2019 National Consumer Law Center contacts: Alys Cohen ([email protected]) or Jan Kruse ([email protected]); (617) 542-8010 Boston – As Hurricane Dorian bears down on the U.S., advocates at the National Consumer Law Center (NCLC) applaud U.S. Department of Housing and Urban Development (HUD) for improving programs available to HUD-insured homeowners after…

FDIC’s New Mortgage Appraisal Rule Ignores Lessons of Great Recession

August 20, 2019

FOR IMMEDIATE RELEASE: August 20, 2019 Washington, D.C. – After a vote today by the Federal Deposit Insurance Commission (FDIC) Board of Directors, banks making home mortgages will no longer need to obtain an appraisal for mortgages under $400,000. With the increased threshold approved by the FDIC today, a total of 72% of home mortgage…

HUD Proposal Would Significantly Obstruct Enforcement of Long-Standing Civil Rights Protections

August 19, 2019

FOR IMMEDIATE RELEASE: August 19, 2019 HUD Plan Would Fuel Substantial Declines in Black Homeownership The following is a statement by Odette Williamson, National Consumer Law Center (NCLC) attorney and director of NCLC’s Racial Justice and Economic Opportunity Project. Today, the U.S. Department of Housing and Urban Development’s (HUD) issued a proposed rule that, if…

FHFA Backtracks on Critical Language Access Question on Mortgage Application

August 9, 2019

FOR IMMEDIATE RELEASE: August 9, 2019 Washington, D.C.- Advocates at the National Consumer Law Center decried the decision announced yesterday by the Federal Housing Finance Agency (FHFA) to remove a question about the mortgage applicant’s language preference from the Uniform Residential Loan Application (URLA), the form used widely across the mortgage market. FHFA had announced…

National Consumer Law Center and the Consumer Federation of America Urge CFPB to Maintain Ability to Repay Determinations for All Mortgage Loans

July 25, 2019

FOR IMMEDIATE RELEASE: July 25, 2019 Washington, D.C. – Advocates at the National Consumer Law Center and the Consumer Federation of America issued the following statement today in response to the Consumer Financial Protection Bureau’s (CFPB) announcement of an Advance Notice of Proposed Rulemaking regarding the Dodd-Frank Act ability to repay and qualified mortgage rules.…

Liberty Bank, the Connecticut Fair Housing Center, Inc. And NCLC Announce Agreement to Settle Fair Housing Act Lawsuit

March 4, 2019

FOR IMMEDIATE RELEASE: March 4, 2019 BOSTON– Liberty Bank, the Connecticut Fair Housing Center, Inc. (“Center”) and the Center’s co-counsel, the National Consumer Law Center, jointly announced today a comprehensive plan to promote homeownership and enhance access to credit in underserved communities. The Center and Liberty have agreed to an innovative residential lending strategy that…

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