AFR in the News: No Get Out of Jail Free Card for Unaffordable Loans
AFR Executive Director Lisa Donner talks to NPR about the importance of holding mortgage lenders accountable for unaffordable loans.
AFR Executive Director Lisa Donner talks to NPR about the importance of holding mortgage lenders accountable for unaffordable loans.
“[P]ortions of today’s rule should have been stronger, and the CFPB has put one very important question on the table for further comment, creating a risk of further slippage.”
The rules… are “likely to resemble” an October draft that “extended a legal safe harbor to loans issued at prime interest rates to borrowers whose total debt-to-income ratio doesn’t exceed 43 percent.”
With new rules for mortgage lending and servicing due to be issued soon, the Bureau faces an important opportunity to make the housing market work better for families and communities.
Joint letter calls on Senate to approve Reed amendment giving enforcement authority to federal and state agencies.
“It was created… to protect families and the market from dangerous or explosive loans, the same way the Consumer Product Safety Commission protects against explosive toasters.”
In a letter to the Senate, 40 organizations ask the Senate to reject an amendment granting a legal safe harbor to all QM lenders.
On Nov. 8, 2012, AFR and the National Association of Consumer Advocates co-hosted this free webinar on abusive auto finance practices.
Bank lobbyists plan to make the most of the lame-duck session of Congress that gets underway after the election. Almost before anyone has a chance to notice, they hope to pass an amendment undermining a crucial piece of the Dodd-Frank Wall Street reform law —
This new report (from the AFR Activism Fund) tracks a stream of efforts by members of the current Congress to undermine one of the major acts of the last Congress: the Dodd-Frank financial reform law. Since Dodd-Frank, Wall Street interests have lobbied to roll back