Articles tagged with: Mortgage Market
“AFR hopes that other agencies and private investors recognize the CFPB’s thoughtful recommendations and that the CFPB will remain an active participant in this important conversation.”
A newly released paper urges regulators to make it easier for people with limited English proficiency (LEP) to understand and navigate the financial system, especially the mortgage loan market. A companion paper tells the stories of several LEP homeowners who belatedly discovered unfavorable mortgage terms and had great difficulty securing loan modifications.
“Allowing mortgage applicants to choose in which language they are most comfortable in communicating addresses a major problem of lenders and servicers working with limited English proficiency (LEP) populations and collecting this information through the URLA is the most comprehensive way to do so, because every mortgage borrower fills one out.”
“In a stroke of brilliant financial maneuvering Lone Star bundled some of the mortgages into bonds and sold them to investors, immediately booking large profits… ‘Lone Star has bought these loans at a discount from the government–-in effect, they got principal reduction. But they are not passing this benefit on to homeowners or communities,’ says Lisa Donner, executive director of Americans for Financial Reform.
The House of Representatives passed two ill-advised financial deregulation bills on November 18th. Both are giveaways to some of the country’s biggest banks. Both, if they ever became law, would mark a dangerous retreat from …
A key mortgage lending reform – which would be rolled back by a bill coming up for a vote in the House of Representatives next week – commands the support of an overwhelming majority of voters, according to a poll conducted this summer by Lake Research on behalf of Americans for Financial Reform and the Center for Responsible Lending.
Following the release of a report by the Center for Popular Democracy and the ACCE Institute detailing sales of troubled mortgages to faulty players, mayors from across the country are calling for mortgage owners and holders to prioritize the sale of troubled mortgages to good actors who can help homeowners struggling in the aftermath of the crisis.
Members of the Americans for Financial Reform coalition have argued that all homeowners should enjoy the same basic protections in their dealings with mortgage loan servicers. On November 20, the CFPB announced a set of …