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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Coalition Comment Letter to Federal Insurance Office on Climate-Related Data Collection
This coalition letter from over 30 groups urges the FIO to finalize a proposed data collection without further changes to ensure granular data collection on the impacts of climate on financial risk in insurance markets. The proposal, which at its inception was already too narrow, has been further narrowered to omit many key markets and…
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Coalition Letter to Federal Housing Finance Agency Supporting Retention of Loan Purchase Targets for Duty to Serve
This letter from the Underserved Mortgage Markets Coalition to FHFA Director Sandra Thompson recommends that the Government Sponsored Enterprises should retain loan purchase targets for underserved populations even in adverse market conditions.
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Letter to the FHFA regarding mortgages for new homes backed by the GSE to meet updated energy codes
The 78 undersigned affordable housing, consumer, health, energy efficiency, environmental, andbusiness organizations urge the FHFA to require that all mortgages for new homes backed by theGovernment Sponsored Enterprises (Enterprises) meet the energy code requirements currentlyproposed by the Department of Housing and Urban Development (HUD) and the U.S. Department ofAgriculture (USDA) for their mortgage products.
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The Hill: For mortgage applications, two credit reports are better than three
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
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Reconsiderations of Value of Residential Real Estate Valuations: Comments on Proposed Interagency Guidance
Joint comments on proposed interagency guidance regarding how financial institutions should handle reconsideration of valuation requests (more commonly known as ROVs) and consumer complaints about appraisals.
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Keys to Opportunity in the Housing Market: How Financial Models Advance and Constrain Low-Income Communities
Join FedCommunities for a research-driven discussion that will explore how both contracts for deed and investor-owned single-family rentals are affecting lower-income communities.
Watch Recording Read More about Keys to Opportunity in the Housing Market: How Financial Models Advance and Constrain Low-Income Communities
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Comments to Federal Regulators on Quality Control Standards for Automated Valuation Models (AVMs)
NCLC submitted comments on behalf of its low-income clients to the CFPB, FHFA, and federal banking regulators on their proposed rule requiring mortgage lenders and servicers to establish quality control standards for automated valuation models (AVMs).
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Joint Comments on Adoption of Energy Efficiency Standards for New Construction of HUD- and USDA-Financed Housing: Preliminary Determination
Joint comments were submitted on the preliminary determination to update energy efficiency requirements for federally financed housing. The covered Department of Housing and Urban Development (HUD) and Department of Agriculture (USDA) mortgages and programs provide essential support for new affordable homes, a critical national need. Yet these homes may waste energy, resulting in high energy…
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The New York Times: Divvy Wants to Make Rent-to-Own Deals Easy. Many Customers Find Them Hard.
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.…
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ProPublica: Senators Call for Further Oversight, Consumer Protections in Contract for Deed Real Estate Transactions
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…
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Exploiting the American Dream: NCLC Co-Director of Advocacy to Testify Before Senate Banking on Abusive Land Contracts
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…
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