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…
FOR IMMEDIATE RELEASE: September 6, 2019 Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued Certified Forensic Loan Auditors. According to the CFPB’s complaint, Certified sold consumers worthless “audits” and other documents that the defendants claimed would help save consumers from mortgage foreclosure. “These so-called loan audits are a scam and a waste…
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…
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…
Read More about FDIC’s New Mortgage Appraisal Rule Ignores Lessons of Great Recession
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…
Read More about FHFA Backtracks on Critical Language Access Question on Mortgage Application
FOR IMMEDIATE RELEASE: August 2, 2019 Boston – A report released to the public today by the U.S. Government Accountability Office (GAO) analyzes the U.S. Department of Housing and Urban Development’s (HUD) Loan Sale Program and shows the harm the program has caused to FHA-insured homeowners. According to the GAO, the mortgage loans that were…
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