National People’s Action Applauds CFPB Proposal
National People’s Action applauds CFPB proposal to require more extensive mortgage disclosure, asks for full public transparency of any new data reported
“We applaud the CFPB for proposing a critical modernization of HMDA. NPA spearheaded the call for the Act in the 70s because we know how important it is to require full disclosure of lending practices from institutions that issue mortgage credit. In the 1970s we faced down the redlining crises with the help of HMDA and communities across the country continue to rely on HMDA data. However, the recent subprime mortgage crisis exposed some of the weaknesses of HMDA’s failure to keep up with a changing industry.
Today’s proposal moves us in the direction of a better HMDA. In particular, the requirement for mortgage lenders to report credit scores, points and fees will provide essential data. Communities and advocates need to have this information to know how credit really impacts the mortgage market. However, it is key that this information be made fully public. Much of this data is already available to the large financial institutions that can pay for it - we need HMDA to give access to this data to neighborhoods to level the playing field and keep mortgage lending fair."
For more interviews with Liz Ryan Murray, or more information about NPA’s work on payday lending, please contact Chris Neubert, 202.670.6382 or <firstname.lastname@example.org>.
National People’s Action (www.npa-us.org) is a network of 30 grassroots organizations in 17 states, with 85,000 individual members working together to advance a racial and economic justice agenda for a new economy and true democracy.