AFR in the News: No Get Out of Jail Free Card for Unaffordable Loans

On Jan. 10, NPR’s Morning Edition interviewed AFR’s Lisa Donner about the need to hold mortgage lenders accountable for unaffordable loans.

“The goal is to keep borrowers from being saddled with the kind of exotic loans that fueled the housing bubble,” NPR’s Craig Windham began. “But consumer groups do not want the rules to go too far in shielding lenders from lawsuits by borrowers. Lisa Donner is Executive Director of Americans for Financial Reform, a coalition of consumer, civil rights, and organized labor groups.”

“One of the big questions about the rule,” Donner said, “is: will lenders get a Get Out of Jail Free card even if they make unaffordable loans…? Borrowers have to have recourse if they’re put in loans that were unaffordable at the start.”

Listen to interview.