compact for home opportunity

8/2/2019 Compact for Home Opportunity

http://slidepdf.com/reader/full/compact-for-home-opportunity 1/30

Cct H Otty:

What America Can Do to

Stop Foreclosures and Fulfll the American Dream



The Opportunity AgendaCompact or Home Opportunity

Table o Contents

Executive Summary 1

Introduction 7

Solutions 9

I. Preventing Foreclosures 9

II. Ensuring Fair and Sustainable Mortgages 13

III. Restoring Neighborhoods 15

IV. Rebuilding Economic Security 17

V. Fostering Fair Housing 19

Conclusion 21

Endnotes 21

Appendix 27

February 2012




Executive SummaryAcc t bl h tbl t ccl t cc cty ctl t th Ac D. Yt cct by bk l, qt l ct, c lyt t bbg ll Ac th h cty whl gg whl ct hlg bck tl cy.

Cl lt xt tht t cl t ct ty whl g thAc D t th t. W cll lcyk, th bkg lg ty, yy Ac t t th llwg lt t hg c.

Banks and Mortgage Servicers should:

Prioritize Loan Modifcation. Bk c hl k g th t t t

cl. Th cl tyg ctctg t-k bw bl, wll yg l t th xtt th lgl blgt llw. Thy hl yttclly cct NtPt Vl (NPV) ly, whch t whth t t l ct cl. Bk c l t th cl c bw lt byg lty t whl thy btt lt whth cl cy wk tw l ct. Bk c hl tht thy h ct t c t t yg l t. F b j c, y tht q th t th ttlt gt wth th l gt tt tty gl. All c hl tk gl, yttc t lt th , wh t q by th ttlt.

Responsibly Maintain Properties in Foreclosure. Pt cl t ll t ,

gg ghbh ty l blc ty. Th bk tht w th tt clg th t t th bly. Bk hl k th t g, ct, hl c llg th t t c t cty gzt -t.

Engage in Mediation with Borrowers. Wh bw c cl, ty t wthl c ccl wy t c th l bth t. I th c, tlt, ch cl lwy, hl th tw t gtt g tc.Sc hl ltly bt t t.

Improve Credit Scoring Criteria. Ct cg ct tht t cctly fct k h bgg t l, ct, th kt. A thy h lt wt ll t l cl tclly hgh b. Bk c hl t th w

ctc cty ct th cy.

Improve the Servicer Compensation Structure. Th l cg ty w ly tctt th hgh t cl tht llw th hg kt cll. My cgctct l t clly th blgt c t z l ltg l, ft ct tct t ctz c t t th t cy t tcl. Ct l hl b tct tht c ct tt cg ct.




Congress should:

Expand Counseling . Clg g hl ttl ct hw tt th cl

ltcy thy t gt clx tgg tct, k th yt, tht. Clg h b xtly ct hlg bw, bt c . Th Dtt Hg Ub Dlt’ clg bgt w lt 2011, whl g w t 2012, th t w l th hl tht qt byHUD. Cg hl lly t clg c tht hg clg btt bqt y.

Increase Consumer Protections. Cg hl tk t t btt c tct bytg bt ct ty lg hg lw. Cg hl g th C Fcl Ptct B, Dtt Jtc, th gct tk tg ct th lw, gg ght lgc t tht thy gly cg th lw.

Make the Protecting Tenants at Foreclosure Act Permanent, and Empower Tenants to Enorce It.Rt wh cl h, t ltg ct blg tc.Rt cl t tct ct by th Ptctg Tt t FclAct (PTFA), bt th Act t x 2014 t ly c. Th PTFA t b t tgth, clg wth t ght ct tt t c t.

Allow Mortgages to be Restructured in Bankruptcy. Ctly, l w y cct b tct bktcy. Cg hl lglt g th bktcyc t llw bktcy ct t c tgg wh tctg bt. Th wl llwbw t ttlly k th h, whl th bt wl b tct t k ctgyt bl.

Enact Positive Reorm o Government Sponsored Enterprises. L ctzt lc

ctc h th xtt t whch tbl tgg lbly lbl, tctz th t cl, cct lg. Eqtbl th cy tggkt th ccl t. Cg hl lglt tht wll ct gtggt th cy tgg kt, t t bth tblty (by g ctt tbl g) cg (by g th lblty cg tbl l t llql h by w) tgg lg.

Ensure Consumer Readiness. My l t hwh h th ttl tbc ccl hw, bt thy hl gtg th cl ct. Th lgt c c by cg tt lw-c hhl t w yt, thgh t-blg g.

Strengthen Community Development Programs. Extg cty lt g

t b tgth t ctly tblz ct. Th g c hl bth w t t hg, wll jb th blc bt. F xl, Cg hlc tt th Nghbh Stblzt Pg, whch g tt lclt t l cl t; th Ntl Hg Tt F, whch c hl l tl hg; Cty Dlt Blck Gt, whch c hl tl-t-w th g.

Encourage Mixed-Use Zoning. Cg hl x th Cty Chllg Plg GtPg by HUD, whch t clt’ t t ct bl, tblct thgh x- zg th . Th wl cty wl byg b t l .




Modernize the Community Reinvestment Act. Th Cty Rtt Act (CRA) qlly bk tht t ct t ql bw thght th ghbh whch thy tk t, t th ttt th b th lg c

th ghbh. Th h hl c cty ct ctc (“lg”) tht hhtclly xcl lw-c ct. Cg hl x th CRA t lyt b y ttt, wth c tg yt.

Expand Owner Re-Sale Seed Capital Programs. Ow -l g l th ty thtch cl ty -ll t t th w t bl c. Extglcl-ll t wl bt Cgl lt t bg th t cl, thgh wlglt tt.

Expand Own-to-Rent Programs. Ow-t-t ( l-lbck) g llw hwt ty lc t th c t cl. Th , th h b lcl-ll ttht wl bt l lt t bg th t cl. Cg cl lt ”Rght t Rt” l by g lglt tht wl g w th ght t th

h t kt t t gct lgth t.

Expand Homelessness Prevention Programs: Cg c hl t hl glc hhl by xg l gt g. I tcl, Cg hl t th Egcy Slt Gt t by HUD, whch g t lcl gt t t t ttl hg hlt g, wll hlt.

Remove Restrictions on Legal Assistance. T qtly- lgl tc t hl bw gt clx l ct, wll tt l lw t cbtlt ctc t hl bw ch l ct wh thy qly. Cghl th Hg Ecc Rcy Act t g tct tht ctct lgl ccy hw tt, ch lt lgl c gzt’

blt t bg cl ct.

The Obama Administration and Federal Agencies should:

Reorm and Expand the Making Home Aordable Program. Fl t t th clc cl th tt’ Mkg H Abl Pg, tt l by thTy Dtt whch cl th H Abl Mct Pg (HAMP). HAMP t t hl lgbl hw y th tgg, t k yt bl lt. Bt t t t wk ctly. Ty hl jt t ctg t k th wk bw, clg gg hw l c ct l; qg bk c t cl t ct l; lzg c t h lt HAMP l, clg l t cct Nt PtVl (NPV) ly (whch t whth t t l ct

cl).

Reorm Servicing Guidelines Eectively. Mtgg c ct th g tgg l,cllctg yt whch thy w t th tgg w cctg th clc. Dt th tt l th c, c tll lck ch gl ct tht wl th tw , tt c g clwh bl. Rglty gc clg th Fl Hg Fc Agcy hl l cg t tht wl th lbl ct, xl bykg tht c ct wk l ct. My t tcg t cl th t th j c’ ttlt gt wth th tttty gl l gt.




Expand Principal Reductions. L ct tht llw hw th tty t bttgg cl ct lkly t b ccl lttly lt. Th ty ct c th t th tgg wll th thly yt. Ty

th Fl Hg Fc Agcy hl ct ct tht wlcl cl ct.

Develop Robust Consumer Financial Protection Bureau (CFPB) Regulations. Th CFPB tt b “t cl wtchg” tht ct tgth c tct lw.Th fglg gcy th c lg l ggg wth tkhl. It t cl l tht th gcy’ t , xl thgh tg lgct.

Strengthen Fair Housing Rules. Dt th g g th 20th cty tg hg, ct cl ct t xc ch hgh ll ty blg ct ccg qlty, bl hg g chl thtt. Yt th Ty Dtt h cl ght glt h glct

hg ct, whl th Dtt Hg Ub Dlt h l t gc tly thg hg. Ty HUD t ct tly t cl l ql tty thght th U.S. hg lg kt.

Require Servicers to Engage in Mediation. Wh bw c cl, ty twth l c ccl wy t c th l bth t. I th c, tlt, ch cl lwy, hl th tw t gtt g tc.Althgh t lbl tl tht bt bth t, t glly clcg. Th Fl Hg Fc Agcy hl q ll c ctg bhl F M F Mc t tct t t cl, Ty hlq th ll c tctg HAMP, clg wy chg lt ch ht l wh ct t bl.

Issue an Accessible Defnition o Qualifed Residential Mortgages (QRM ). D-Fk qcl t t 5 ct th k l, wth th xct l gt “ql tl tgg,” QRM. QRM ctgy l t b lw-k, btth t lt lgly by th lglt ctly bt. Th t QRM ctly g ct by th l bkg gc, th Sct ExchgC, th Dtt Hg Ub Dlt, th Fl Hg FcAgcy. Th gc hl t tht t cl hbtly hgh w ytqt, th wl tlly xcl lw- t l-c bw, clgy t, wtht gctly cg k.

Improve Credit Scoring Criteria. Ct cg ct tht t cctly fct k h bgg t l, ct, th kt. A thy h lt wt l

l t l cl tclly hgh b. Th C Fcl Ptct Bhl t cg yt b glt lt th Eql Ct OttyAct, whch hbt ct th b c th tct chcttc th ct c.

Improve Federal Housing Administration Practices and Oversight. Th l th Fl HgAtt (FHA) kg hwh ccbl t wkg cl Ac, clgy l cl, h b x . Bc th FHA wll ct t h l – lbthlly t l l – g wkg l, clg l cl, t tt t FHA lc ctc whl g (thgh ct cy tgg kt) tht th FHA t bc th ly th ct. Th Dtt




Hg Ub Dlt hl gg bt FHA ght, th C FclPtct B Dtt Jtc hl tht FHA- l ly tbly .

Expand Own-to-Rent Programs. Ow-t-t ( l-lbck) g llw hwt ty lc t th c t cl. Th llw w cg cl t lct t ly ghbh tblty. Whl F M FMc ctly h ll w-t-t g lc, thy hl x th g t c lg b tgg.

Provide Credit Protection or Former Owners. My hw h bly lyg ct llwg cl, t t wh thy tgglg t bl th l. Tghtct h y ct, g tht l y lg b bl t k l, cytct. Th Fl Hg Att Vt Att hl “cchc” l, g t hl bw th ct.

Improve Coordination o Equal Opportunity Enorcement. Whl xtg lw c hl tcthw t bw, tg, ct ct th lw .Fl gc, clg Hg Ub Dlt, Jtc, Ty, th Sct Exchg C, th C Fcl Ptct B, t btt ct tht t ct ct tct lw ch th F Hg Act bthth y cy tgg kt.

Incentivize Inclusionary Zoning. Icly zg ctc whch clt q h w ctct th jct t b bl t l lw t .Th l gt hl ctz th thgh llct blc g, gc hg bt ctc, ct cl ght lw.

States and localities should:

Improve Access to Legal Assistance and Mediation. Whl lg b l ccl cg, y lck th lgl tt thy t t thlt cl, , ct c. Th tht bw ly tg th cg lbl t cct by tgg w th lwy. Stthl x cc t th ct t hw cg cl by gth cl lw t q ty t cgzg ght t clt wth thg cl , cy, lwy b cl cg g.

Require servicers to engage in good aith modifcation eorts. L ct g hb ccl t th tt ll, th cl b lct by th tt wll by l. Axl th Oh Cct t P Hwh, gt btw th g b tgg l qg c t g th t t t cl,clg bttl ct t. Stt hl q ct clc w t th cl c.

Ensure Consumer Readiness. My l t hwh h th ttl tbc ccl hw, bt thy hl gtg th cl ct. Stt c c by cg tt lw-c hhl t wyt, thgh t-blg g.

Promote Flexible Housing Tenures (such as lease-to-own). L-t-w g llw cctt l th h c t, whl t th t g tw w




yt. Th g “tg t” btw tg byg, c b cttl t bl th hwh kt. Stt wll clt hl x xtgl ch g.

Expand Own-to-Rent Programs. Ow-t-t ( l-lbck) g llw hwt ty lc t th c t cl. Th , th h b lcl-ll ttht wl bt tt lt t bg th t cl. Stt cl lt th “Rght tRt” l by g lglt tht wl g w th ght t th tyt kt t t gct lgth t.

Expand and Enorce Tenant Protections. A tl t t g w, ct blg tc t lt. Whl t ctly h g tct th l Ptctg Tt Fcl Act, tt lclt hl l lwtctg tt tyg th th ght g cl.

Improve Coordination o Equal Opportunity Enorcement. Stt clt y gg

hg lg ct t tct hw t bw. Thy hl thgh th w lw wll ct l ttt. F xl, ct whghbh h b ctz by ct hl c g l thF Hg Act. Atlly, tt tty gl hl gly c th t thttlt gt wth j l c, wll ctg t tgt ctlt by th by th ttlt.

Require Vacant Property Registration. Vct ty gtt q w ctt (ch bk tht h cl tgg) t gt th t, thtthy c b hl cctbl tc. Tw ct c c qg bk th cl ttt clg h t gt th ct ty wth th lclclty.

Support Creation o Land Banks. L bk ct lg wth wcl. Pt lc l bk hbltt tlly t thw l, wh t th t t ct . Wh th tkt th t, thy c b t t th clty g c ctyg. Mclt hl k t l l bk wh bl. Stt c hl lbk c l bk blg lglt tht cltt clt’ blt t ctly t l bk.

Encourage Mixed-Use Zoning. Flxblty lt cty wl by gb t l . Lcl zg c tht tct wht ty l llwt cc ct ( xl, tctly tl ) c th c. Mclgt hl c g fxbl zg glt tht llw x-zg.

Promote Responsible and Productive Disposition o Real Estate Owned (REO) Properties. Mclt c l ch t l t bl tt, clg tlt gzt. Th gzt c l cl t tth t ct , clg bl hg l t. I t t tblzgghbh by tg cc, th c bly- bl hg.

Incentivize Inclusionary Zoning. Icly zg ctc whch clt q h w ctct th jct t b bl t l wth lw t. A b tt h t lglt tht t cly zg, tltt cl gt hl llw th l.




IntroductionAcc t bl h tbl t ccl t cc cty ctl t th Ac D. Bt cct by bk l, qt l ct, c lyt t bbg ll Ac th h cty whl gg whl ct hlg bck tl cy.

Cl lt xt tht c t cl t ct ty whl g thAc D t th t.

W h Cct H Otty, g t t cl, t ctct, tct hg lg, tht h wh blhg ccbl ll Ac tty t th 21t cty. W cll lcyk, ty l, yy Ac t t th lt t hg cl c, t t th ltt cctblty cy t k thct.

A w tblz cy ghbh, w t l tht bl hg hwh c wlth-blg l-cl blty ll Ac. Acct tbl ct tt qlly ccl t cc cy t tgth Ac y.

Cause and Eects

Th tgg hwh c h t t cl lg ctc, bybl cl clt g wl bkg ttt. Th bh th

ctxt wk c tct, whch y Ac lck cc t ttl, tgg ct. Iqt l ct llw bk bk t c bwt cctg cl-b fw l, thy ght xbtt t.

Th tbl ctc lt ttg l cc cty bltythght th t. Th g Ac ly’ hhl t wth cl 23 ctbtw 2007 2009, th l y l tt hlg c by g $18,700,1 t t t g ct. Th t wth Hc hhl ll by52 ct, tht blck hhl by 30 ct.2 Yt, ll l thght thcty th ct th cc c, y h lt th h — th cty tt tht th h t. Rt, t, , ty tc ct t th blg cl . Th ct g wth ct cl bg w ty l, lg t blght ghbh c tx

. Stt clt tggl t c th c ct c ltg w ty cc. Th ct, t, hlg bck cy wtggl t cy th cc c.

An Unequal Burden

Whl th cl c h tch ll Ac, tt ct th bl h bty cty lg ctc tgtg ty bw. Uthcl bk l c ct tht h htclly lck cc t tbl ct. Thtctc cb wth xtg lt tty t c ggt h ct cl. It wll ct tht th cl c h lt t l wlth




tblty ty ct tcl.3 A ct t th Ct RblLg, xl, tht ly 8 ct Ac-Ac Lt hw hc cl, c t 4.5 ct -Hc wht hw.4 A t gth

th H Mtgg Dcl Act (HMDA) l, Ac Ac Lt hc tt h tbl l; tt cl; hl cc t ct; wt hkg hwh t.5 It h b tt tht thl wlth ltg cl ct cl wll b gt th y cRctct.6

More Work to be Done

Sc th cl c ht, th l gt h tk cbl ch-t t tct t c h ct, ch g th D-Fk Wll SttR C Ptct Act. Hw, ct . Ac ct, tclly th cl, tll c tt t cl. A tl w cl xct 2012, t t l ly cg tt ll lt

2011.7 G tty, clg th blty t bl wlth, ct t x. A xtg t ct t th bl.8

A w gl wth th ct th cl c th l l t, t ttt tht th t, ll Ac h qtbl cc t ct cc by ctglty ght, ct c, thcty, z c. A l ghbh th thck cl, w t l ct tht h thgh tgt tt t bl th ct tht hl t. Plcyk hl ct cly ttz lt th bl, whch tht t whl y Ac ghbh.

Eective, Innovative Solutions Exist

Fttly, xt th cty, wkg wth ctt Ac ct by th

c, h t lg by cct lt tht c tgt th c ty whl blgtg ct tbl hwh t th t. F xl, th NtlCty Rtt Clt h clt ch, ch-b ct t g g cl, wg th xt gzt cby th A E. Cy Ft;9 th Ct Hg Plcy h hl c lcy g tcl lt;10 th Ct Cty Ctl t th Uty Nth Cl tChl Hll ctly l bk clg th Ct’ y ch ccl l t lw- t-c bw, wth ct tbl hwh.11

Th gzt c by th A E. Cy Ft, whch c 140 lxt tg t, cl ttt, ctt, ct, gz, ht bt ctc g th t ct cl ct cl.*

A g c by th Ntl Ccl L Rz th Ntl F Hg Allch c cl g tht cy tgg kt ct.Tgth, thy cl ct tht l, tt, lcl cl, ty l, cc l, yy Ac c tk w th t t c h tty.

W cllct th h Cct H Otty, t by w g xt, hg cty g, yy Ac.†

* Thy h l w Accy Ag hghlghtg y th lt c thght th ct,lbl t: htt://cl-.g/ctcl.htl.† I tcl, w cgz th ctbt th g bl by th A E. Cy Ft, whch wcl by My B, Cl Dc, L Wll th Ct Hg Plcy.




SolutionsTh Cct H Otty c bth gtly- tt lg-t , lt ctg:

u Ptg cl

u Eg tbl tgg

u Rtg ghbh

u Rblg cc cty

u Ftg hg

Atg th t cb h wll h th h, t tt

ghbh, tgth ct, hl l th cty bl th cccty. I g , t wll hl cy t th tty thAc D wll t th 21t cty. Th ct cg th Cct th cht th Ax (g 22) cb tl th g tht llw.

I. Preventing Foreclosures

Sl y t th cc wt, th cl c ct t lg ghbhthght th cty. I Stb 2011, y 605 Ac h c cllg;12 th th qt 2011, cl lg w t 610,337 tthght th cty.13 D lg t t b ty ctc c lg-tlyt t, gct b Ac hw t t k lg

th h wll lkly c ly t g t th g ct tg.

14

Thclt ct cl g t ct, whch c tx b ty l.

Th ght c t th bl t th th t. Plcyk c th cl c by tg clg g, ggly tg tg lct g cl c t k th chbl t bw.E th bc w l, l c c ct ltly t ch ctctc wth bw lt.

1) Make Mediation a Mandatory Part o the Foreclosures Process

Wh bw c cl, ty t wth l c ccl wy

t c th l bth t. I th c tl t, ch cl lwy,hl th tw t gtt g tc. Mt c hw wth t t ty th h ltt t cl, ch l ct. Th, t, bt t ghbh, tw, ct by g tbl ty cc,whch thw h l ty tx .15

Althgh t lbl tl tht bt bth t, t glly clcg. Stt tht t ctly q t hl lglt tht .16 Atth l ll, Cg hl g tt clt t tt g.I th t, bt ct g, tt clt c lt ltyt whch tty pro bono ccty t. Atlly, th Fl




Hg Fc Agcy hl q ll c ctg bhl F M F Mct tct t t cl; th Ty Dtt hl q th llc tctg th H Abl Mct Pg, clg t

t ch lt ch ht l wh ct t bl.17

Sc hl lltly bt t t.

2) Invest in Pre- and Post-Purchase Counseling

Clg g hl ttl ct hw tt th cl ltcy thy tgt clx tgg tct, btt g th c, lt. Clgh b xtly ct hlg bw. F tc, Dcb 2010 UbIttt w lg-cl clg g — th lly- Ntl FclMtgt Clg Pg (NFMC), tg c 2007 — tht th cg cl w 1.7 t hgh hw wh wk wth NFMC cl th hw wh ’t c ch clg. Th w tt tht hw wh bt tgg ct thgh th NFMC g $3,200 l lly th thy wl h

wtht th clg.18

Hwh clg hl b wly lbl t ch tg th lg c, c . Cg hl t ct g th Oc Hg Clgt th Dtt Hg Ub Dlt (HUD), whch w ct th D-Fklglt. HUD gt t hg clg gc thght th cty tht c byg h, tg, lt, cl, ct . HUD’ clg bgtw lt 2011, whl g w t 2012, th t w l th hl tht qt by th Dtt. Cg hl lly t clg c ththg clg btt bqt y.

Agc h tt l xg ct, hgh-qlty clg g, thgh thyt qt g t ch th. HUD hl glly ch t bt ctc lcl clg g. Atlly, th C Fcl Ptct B CFPB Oc Fcl Ect, q t bt l t t Cg clltcy th Ut Stt. Th t hl b t gly, ctctly th ccy clg g. Clg t hl ctz lg-t, lz clg, hl cl tch t l wth lt Eglh ccy.

Stt clt hl cg q -cl clg, hl t clg g by g g lg tch g.19 F xl, ccl g cb th xt c cty gc, t g, lt y c clg clg, lgl ccy, l t.20

3) Reorm Servicing Guidelines

Mtgg c ct th g tgg l, cllctg yt whch thy wt th tgg w, cctg th cl c. Dt th tt l thc, c h lck ch gl ct t ct th tw ,tt c g cl wh bl. Th Att’ ct g th gt- t (F M F Mc) tht thcg ty w t ly tct t th hgh t cl tht llw thhg kt cll. F xl, cg ctct t l t clly th blgt c t z l ltg l, c’ ft ct tct tctz c t t th t cy t t cl.21




Th Fby 2012 ttlt gt g j l c, ty- tt ttygl, th l gt w gct t tw ltg cl, cg t. Hw, th gl t b btly c hl

b l t th ty whl, hl ct . Rglty gc clgth Fl Hg Fc Agcy hl l cg t tht wl th lbl ct.22 Th t hl b q ll l gtby th t (F M F Mc), th l c hl tk th ttt t th wll.23 Th C Fcl Ptct B hl l tht cl, t ly t ll c, thgh ght w glt .24 Bttctc th wl cl qg gl t ctct th bw; bttl cg ct; ty l tgt by c; c clqt. F xl, l tgt l cl tctly q tht ll tgg hllt th ct g l ct gt th ct cl, cgg th tc ltt tht wl bt hw th g ghbh wll y t. Ct l cl b tct tht t cg ft —

whch cg cl tc — c ct t t cgct.

4) Reorm and Expand the Making Home Aordable Program

Fl t t tll th cl c cl th tt’ Mkg HAbl Pg, tt l by th Ty Dtt whch cl th HAbl Mct Pg (HAMP). HAMP t t hl lgbl hw yth tgg,26 t k yt bl lt. Hw, th gh yl x lt. Ext ctt h ccl tht HAMP h ct ct t c t ctly y l, th c t l t cctwth bw, th wh hl qly ct.27 Whl Ty t thtly 910, 000 hw h c t ct thgh HAMP Nb

2011, tht b ll ht th cty’ , g tht cl lg h b th ll.28 Ty hl jt t ct g t hl c cctbl tbw. Th cl tl qg hw wth l c ct l,tg cg ght c t h lt HAMP l, qg thcllct ly cl, gggt t ct l.29

Th Ty Dtt th Fl Hg Fc Agcy hl ct ctct t ll l lgbl th Mkg H Abl Pg. L clct, whch c th bblty lt -lt, hl b c lyzgwhth wh cl cy.30 Atlly, l ct t t b tt ccbl, clg t bw tc gggt t fct ghct.31 At c hl b bw ( tt) lt Eglhccy.32

L c hl l tht thy clyg wth HAMP qt, clg thct ct t t ct g, yttclly cctg Nt PtVl (NPV) ly. Th t whth l ct cl lkly t btth t, hl th c lblty t t ct.33 L c cl ty whl thy t wht lt th bt tt ll t.

I t t th b t cctblty tht hl b tk by Ty, l, c, tt hl q ct clc w t th cl c.L ct g h b ccl t th tt ll, th cl b lct byth tt wll by l. A xl th Oh Cct t P Hwh,




gt btw th g b tgg l whch q c t g th t t t cl, clg bttl ct t.34

5) Improve Legal Assistance

Whl lg b l c cl cg, y lck th lgl ttthy t t th lt cl, , ct c. Th thtbw ly tg th cg lbl t cct by tggw. T qtly- lgl tc t hl th l gtclx l ct, wll tt l lw, t cbt lt ctc t hlbw ch l ct wh thy qly.

Th B Ct Jtc t NYU Schl Lw h l th llwg ctwth th w tht “th blty t y lgl cl hl t t whth t l h h h:”35 tt l lglt hl ct tl cl ct cl lgl tc, ct t th ht ht ct; Cg hl th

Hg Ecc Rcy Act t g tct tht ct ct lglccy hw tt, ch lt lgl c gzt’ blt tbg cl ct; tt hl x cc t th ct t ( c b) hw cg cl, by g th cl lw t q ty t; tt hl l cgz ght t clt wth t hg cl , cy, lwy b cl cg g.

6) Require Principal Reductions

L ct tht llw hw th tty t bt tgg cl ct lkly t b ccl lttly lt. Th ty ct c tht th tgg wll th thly yt. F M F Mc, th Fl Hg Fc Agcy’ ct, hl llw tgg cl ct th

l tht thy w. Th Fby 2012 ttlt g j c tt tty glcl qt cl ct, th lct hl b x th,tclly by th gt t.

I tcl, y hw wth gt qty (tht , wh “wt” w th th h wth) h lttl c t cl thy lg bl t th tgg yt. Ty th FHFA hl ct cttht wl cl cl ct. Th wl hl t cl bw t k lt whl qtly btg t wll. D t th ty btw t thg c, tgg hl qtly c t h wll wh cl c cl t. A c b, ll c hl yttclly cct NtPt Vl (NPV) ly t t whth th t t l ct

cl.

7) Allow Mortgages to be Restructured in Bankruptcy

Ctly, l w y c ct b tct bktcy. Cg hl lglt g th bktcy c t llw bktcy ct t c tggwh tctg bt. I th yt, bktcy jg wl h th thty ttct th l. Th wl llw bw t ttlly k th h whl th bt wlb tct t k ctg yt bl. (It wl, hw, lt g ct cl tg th bw.) Th bktcy cl l ctz c ttt cl ct thl, th th llwg jg t .36 Atlly, t wl




th bw wth th tty t h jg x, thgh th bktcy c,th lty th ct’ cl t th h whth th ght b lt t th llglt, ch lt th Tth Lg Act.

II. Ensuring Fair and Sustainable Mortgages

A w wk t c cl t h-ht ct, t l ccl t ththwh ccbl tbl wkg Ac gg w, tht tgglg bc qtbl tt th t w. Dg tl t t’ty, t ly cty wlth-blg th t. Th ct th CFcl Ptct B w tt t th ct, bt wk .

1) Enact Positive Reorm o Government Sponsored Enterprises (GSEs)

Bc l ctzt lc ctc h th xtt t whch tbl tgg lbly lbl, t ctz th t cl, cct lg, qtbl

th cy tgg kt ccl t. A tct cy tgg ktwll t lqty h l tw cl. It wll t bth gl-ly ltly bw, wth wk tht c kt.37 ThGSE cc tct wll t tk th ht blt t cct, bt t l th yt’ c c lg t t.Gt lt ( thgh gt), wll tg ght ct, wllb ctcl t th ’ cc.38 It tt t tht ly ct,clg th wh ct k y b ly t, t ct th bt cyby gt l.

Cg hl lglt tht wll ct gt ggt th cy tggkt, t t bth tblty (by g ctt tbl g) cg (by gth lblty cg tbl l t ll ql h by w) tgglg. Th hl cl g gt l; g fxbl, tbl lgct tht c l th ty, th GSE h ( xl, l wth lww yt); tg tg cg yt ltly t.39 Th ythl l tbl cg g hg chc, clg bl (x-c) tl hg. It hl c tg qt ly tl hg wll ctg th lt tht hg t hgh-tty ghbh.40

2) Issue an Accessible Defnition o Qualifed Residential Mortgages (QRM)

Th D-Fk Wll Stt R C Ptct Act cl k ttqt t t t bl bh by l ctz. Th tly lck ct t b cl wtg l c thy cl lg hgh-k

tgg t t. D-Fk q cl t t ct th k l,wth th xct l gt “ql tl tgg,” QRM. QRM ctgy l t b lw-k, bt th t lt lgly by th lglt ctly bt. Bc bk y b lctt t -QRM l, y t c ct, th t QRM wll h ct th ccblty l y Ac wll th y tgg kt th bl t.

Th t QRM ctly g ct by th l bkg gc, thSct Exchg C, th Dtt Hg Ub Dlt, th Fl Hg Fc Agcy. Th gc hl t tht t clhbtly hgh w yt qt, th wl tlly xcl lw- t




l-c bw — clg y t — wtht gctly cg k.41 M, ch th xc bl l lk th Sl Hl Ct U hwtht lw w yt l c b hghly ccl wh cb wth wtg

c ct. Th tt hl jct ct l t lt QRM t l wthhgh w yt (ttlly 20 ct). Atlly, th gc hl x hw QRMct bw ct ht ct t, whth t cctly fct k.

3) Increase Consumer Protections

Fl gc Cg hl tk t t btt c tct by tg ggg bt ct hg ty lg lw. Cg, xl, hl g th Dtt Jtc th gc t tk tg ct th lw, gg ght l gc t thtthy gly cg th lw. Th cl tg th lt bt glt ct ccty by th C Fcl Ptct B, c th blw.

Atlly, tt hl c th w tg c tct lw hlc l c tct lw t th ll xtt thz D-Fk.42

4) Ensure Consumer Readiness

My l t hwh h th ttl t bc ccl hw,bt hl gtg th cl ct. Th l gt c c by cg tt lw-c hhl t w yt. Ach tth cl hlg l cc g by cg th x hwh wthwlt IRA th tt cct, clttg w yt g by clg t-blg g ch A’ IFS H Acct l.43 Th wl tch g (t c t) by lw-c hhl. Cg tt cl lglt t cl ch g, whch c clt c ct clg tt.

5) Improve Credit Scoring Mechanisms

Ct cg ct tht t cctly fct k h b gg t l,ct, th kt. A thy h lt wt l l t l cl tclly hgh b. 44

Ct cg yt hl b jt t cctly t th ct wth bw, hl b tt. F xl, th lt bc bk bch ttl c ct y lw-c ty ct t l t lc yy l (whch chg xbtt tt t qckly- l) thc tht gtly cctly ct ct c th ct ct.45 Bc ch ct, th ct c th ct yt y h t ct

ty bw, whl lg t cctly fct k. Th C Fcl Ptct Bh ly tk t t x hw th c c by th c tg gc(Eqx, Ex, TU) by l,46 hl l ( ct wth thFl R Syt th Fl T C)47 ch c lt ctt, cty, cct cg yt. FHFA hl tht F M F Mc — y cc t th ttt — lt th yt thwtg, hl FHA th l t . Th CFPB’ ch hl b gg, clly glt lt th Eql Ct Otty Act (whch hbt ct th b c th tct chcttc). Th c tg gc hl l b t t th w ctc cty ct, th cy.




6) Improve Federal Housing Administration Practices and Oversight

Th l th Fl Hg Att kg hwh ccbl t wkg cl

Ac, clg y l cl, h b x . At c ctly, thctly, ttg tl ggt, th FHA ctly bg ctbtg t th blty lw- t-c Ac, clg lg b ty bw, t ctgg l. Pbl tll , hw: FHA tgg x th ctll; th tty’ glty thty wk t lck th ccty t t qckly t ; FHA h lt ctl hw l t t th ktlc; th Gl Acctg Oc h tly ctcz th Att’ ght l lx.48 M bly, lgtg lw- t-c bw bw cl t FHAl wl tt t ql l kt whch whl ct wl blt th lg kt bc w ty l.

Bc th FHA wll tbly h l — lbt hlly t l l — g wkgl, clg l cl, t tt t FHA lc ctc whl

g (thgh ct cy tgg kt ) tht th FHA t bc thly th ct. HUD hl gg bt FHA ght, CFPB DOJ hl tht FHA- l ly tbly . Atlly, Cghl tht FHA h ct c thty t ct ctly.

7) Promote Flexible Housing Tenures

L-t-w g llw cct t l th h c t, whl t th t g tw w yt. Th Ntl Cty Rtt Cltt tht l-t-w ( t-t-w) g c hl t glly bl tw wh.Th g “tg t” btw tg byg, c b ct tl tbl th hwh kt. Th c b tclly hll l wh h g

ct llwg cl, t ltt tht llw ct hw bl th ct ctl t by h.49

Fl gc c cg tbl g tht hl l tw hwh,ch h qty l ch l.50 F xl, HUD cl ct ch ct l g, ch th Cty Dlt Blck Gt g. Txct g, t by Ty, cl l b th .

Stt clt c l x xtg l, ch th Cll HgNtwk’ L Pch Pg, whch by hbltt b t, g LwIc Hg Tx Ct, t th t y lw-c t.51

III. Restoring Neighborhoods

Th c ct cctt cl, ty ghbh tcl, lt tblz ct, g ty l tx , hycl tt.I t t g l cl, t tt t th ghbh ct,gg ttt t t lt tht h b hw t t t k.

1) Support Creation o Land Banks

L bk ct lg wth w cl wh th tkt bl t bb cl t. Pt lc l bk hbltt tlly t t hw l, wh t th t t ct .




Wh th t kt th t, thy c b t t th clty gc cty g.52

Th l gt hl cl t tt lcl t t ct lbk.53 F xl, Cg hl thz tl Nghbh Stblzt Pg, whch c b l bk tblht.54 Stt hl l bk blglglt — Mchg h — tht cltt clt’ blt t ctly t l bk. Ft t c hl t t l t xl w .

2) Require Vacant Property Registration

Vct ty gtt q w ct t (ch bk tht h cl tgg) t gt th t tht thy c b hl cctbl tc. Thgtt yt, ctly q by b cl c, h b cclt th lcl ll hl b x t th tt clt. Mclt hl

l tk th tt t lt ch g, blg xtg l ch tht Cct.55 Th wl cltt ghbh tblzt by blg clt t hlw bl glctg t, t chg lg-t cc.56 Stthl lglt qg tht bk th lly-glt cl tttclg h gt th ct ty wth th lcl clty, Cg hlxl th blty xg ty gtt qt tw thgh lglt.FHA ctly h ty tc t l t , clg lt, hl tht th bg c.

L c hl l bly t th t thy w. A t tht, thy hl ctct wth , lcl c t tc, cty, thcy c.

3) Support Community Development Programs

Extg cty lt g t b tgth t ctly tblzct. F xl, Cg hl c tt th Nghbh StblztPg (NSP), g by th Dtt Hg Ub Dlt tht c th ch lt cl b tl t by ggt t tt lcl gt l b.57 Cg hl l ct Pjct Rbl, l by Pt Ob t th Ac Jb Act. Th gwl ct ctct jb whl tg ghbh tblzt t. Whl thtt wl bl th NSP l, t wl t wth fxblty by llwg gtt bl t ccl l tt, by llwg cllbt wth tct.

Fg th Ntl Hg Tt F l ctcl. Th g c th bt lw-c hhl — lgly th ct, t, hbltt, t tl hg, t l xtt t tc t t-t hby.58

4) Encourage Mixed-Use Zoning

Flxblty lt cty wl by g b t l . Lclzg c tht tct wht ty l llw t cc ct ( xl,tctly tl ) c th c. Mcl gt hl c g fxbl zg glt tht llw x- zg. Th wl hl cltt th




c cl b hg t th ttl ghbh tblzt , h th bt ch ctg t-ly ghbh. At th l ll,Cg hl x th Cty Chllg Plg Gt Pg by HUD, whch

t clt’ t t ct bl, tbl ct thgh x-zg th .59

5) Promote Responsible and Productive Disposition o Real Estate Owned (REO)

Properties

Nt gzt c l cl t t th t ct ,clg bl hg l t. I t t tblzg ghbh by tgcc, th c bly- bl hg. Hw, th gzt lklyt ct b th c, clg l c wh wllgt gtt c, wll cl chllg wth ty tc tt.60 HUD’ Nghbh Stblzt Pg t l tt w tylt, Cg hl thz c g th . Mclt c l

ch t l t t lt gzt.61 Atlly, th l c tht w cl t hl bly th, clg by ggg g th gtt wth t t th xtt tht th lgl blgt t t llw.

6) Modernize the Community Reinvestment Act

Th Cty Rtt Act (CRA) q lly bk tht t ctt ql bw thght th ghbh whch thy tk t, t thttt th b th lg c th ghbh.62 Th h hl ccty ct ctc (“lg”) tht h htclly xcl lw-c ct.63 Th CRA c hl t wlth t ct ct by th cl c, bt t zt btt ct.

Cg hl x th CRA t ly t b y ttt, clg lltgg l, l c, tt bk, ct c, ct , cc.64 Atlly, c tg yt hl b lt CRA cthl b w tbl, bl lg t ql ty bw qltty b, wll g Cty Dlt Fcl Ittt, whchct ll b l lw- t-c ct.65

IV. Rebuilding Economic Security

Wh g cl lt ct, th t cty . Fl c blc lt hl, wth g ct w t th t. Pg gt tblz cccy hl t k ghbh tct h cc, g t

thl t hl th bl th l g t cc tblc.

1) Expand Owner Re-Sale Seed Capital Programs

Ow -l g l th ty tht ch th cl ty -ll tt th w t bl c, Bt Cty Ctl’ SUN g.66 Schlcl-ll t wl bt Cgl lt t bg th t cl, thgh wlglt tt tht wl t x th BCC l. I t t, thTy Dtt ctly gc llwg -t t by t thgh htl cy th bck t w.67 Oth t, wth th t t, ck t x th BCC l bl tl w -l g.




2) Expand Own-to-Rent Programs

Ow-t-t ( l-lbck) g llw hw t ty lc t th

c t cl. A wth w l g, th h b lcl-ll t thtwl bt l lt t bg th t cl.

Th Ntl Cty Rtt Clt th Ct Ecc Plcy Rchh c tl l-lbck gt cll th “Rght t Rt” l, whch t ch ty tly t t t th w. Cg ttlglt cl lt th “Rght t Rt” l by g lglt tht wl g w th ght t th ty t kt t t gct lgth t, ch t y.68 Th l wl llw w cg cl t lct t ly ghbh tblty. Atlly, whl F M F Mc ctlyh ll w-t-t g lc, thy hl x th g t c lgb tgg.69

3) Make the Protecting Tenants at Foreclosure Act Permanent, with a Private Righto Action

Rt cl wll. A tl t t g w, ct blg tc t lt. Rt cl t tct by thPtctg Tt t Fcl Act, 2009 ct thgh 2014.70 Th Act tht tt y t th t th l, tht 90 y’ tc t b bct. Atlly, cl t w by F M bjct t Tt--Plclcy, whch llw t t cccy. Hw, Cg hl k th PTFAt tgth t. Th cl hcg ct PTFA tct,71 cgw th lw, g t c ct tht ct Ac c tctth tt ct. Stgthg th PTFA hl l l qg t hwg

clc wth th ct b ct cl c.Stt lclt hl l lw tctg tt tyg th th ghtg cl. A th PTFA t t tg tt lw, tt c lglt wthtl tct.

4) Expand Homelessness Prevention Programs

Th l gt cl b ct tg hl g lchhl thgh c g t gt g, tcl th Egcy SltGt t by HUD, whch g t lcl gt t t tttl hg hlt g, wll hl t. Th EgcySlt Gt g t l l bcg hl hl

th wh xcg hl t b qckly -h, xl by g tl t tc hl wth hg lct.72 Cg hl c g thtt tt. A th hll , HUD cl gc g NghbhStblzt Pg t t -hg tt.

5) Provide Credit Protection or Former Owners

It l tt t tht Ac bl t c cc t ct gg w.My hw h bly g ct llwg cl, t t wh thy tgglg t bl th l. Tght ct h y ct, g tht l y lg b bl t k l, cy tct, ch btg t l, wll




btg hg (clg tl).73 Dh ct kt-w ll l wh l th, c w ttl ch h th t by. Fl gcch Fl Hg Att Vt Att hl “c chc”

l (g t hl bw th ct) l wh cl ct tblz th t.74

V. Fostering Fair Housing

Dt th g tht w’ t, b t hg cAc. Nghbh t hghly ggt.75 Al, t ch lkly t l cctt ty, g tht lw-c l cl cclly lt th lw-c wht l. Pty’ cl ct th bt l tgly thght th ct.76 Th, blck NtAc w th t lkly th wht t l xt-ty . P Lt A Ac w bth ghly twc lkly.77

Flly- g, , t t ctbt t th bl; by tg blhg tt lk lyt qlty ct; by ttg ggtlg tt; by lg t c th hg blgt blc t bc txy . Eql tty cl hg l t b t hg lg yt, clly wh gt ggt txy l.78

1) Strengthen Fair Housing Regulations

Th cl c h hw th tc tg l ght thty, wll th tct lt lg. Fl gc bl bth gct tly thg hg, t l tt t th ct tgg ctzt lc ctc cl ght. Th tl cg c gtg glt gc t ctly lt Ttl VI th Cl Rght Act 1964, TtlVIII th Cl Rght Act 1968 (th F Hg Act), lt D-Fk, thEql Ct Otty Act, th lw.

A tt g hg tct th lck tt glt gcltg th ty t tly th hg th F Hg Act. Th tyxt t ll “g ctt ltg t hg b lt” tht “t,t, tk by th Fl Gt; gt; l; ctct; c;gt; Fl xc glty blty (clg glty y thty cl ttt).”79 Yt th Ty Dtt, xl,lck y hg glt gc. It lly h l t lt Ttl VI th1964 Cl Rght Act, whch hbt ct th b c, thcty, tlg g cg l .80 Ty hl tly ch ql

tty glt. A HUD hl tgth glt ltg th lgt’ blgt t tly th hg t t ct lly- g. It hl l cly th blgt th hg ct t ctc tht hjt ct Ac b c, g, blty, th ct thtty. 81

2) Improve Coordination o Equal Opportunity Enorcement Among Federal

Agencies, State and Local Governments

Whl xtg lw c hl tct hw t bw, tg, ctct th lw . Th ct th C Fcl Ptct B w




xcllt t th ct, bt l gc, clg Hg Ub Dlt, Jtc, Ty, th Sct Exchg C, th C Fcl PtctB, t btt ct th t t ct ct tct

lw bth th y cy tgg kt.82

Exl th lw cl th FHg Act,83 whch t tgt hbt ct th hg lt c. L wh ct y b lbl th F Hg Act — ltt “ lg” ctc, wh ty ct w tgt ty lg.84 Th ct D-Fk Act ct tl tct, ch tblht th CFcl Ptct B, whch h th thty t l t tct c; hbt tgg t ctc , ct, ty; lblty tgggt lt th ty c t-tg .

Dt ch tct, th Kw Ittt t Oh Stt Uty tht HUD, bkgglt, DOJ h l t gg ctly “y gl, ct,bl ct t.” Kw c yt tht “ctly cct xt wtg ctc, lg tc, ctl, ch ct.”85 Th Pthl tct th gc t btt ct th ct ctt, gc hlllct c th .

Stt clt y l gg hg lg ct, hl thgh th w lw, wll ct l ttt. F xl, ct whghbh h b ctz by ct hl c g l th FHg Act.86 Stt tty gl hl gly c th t th Fby 2012ttlt gt wth j l c, hl c cctbl wh thy l t blly wth t t. I t, tty gl hl tgt ct lt byth by th ttlt.

3) Develop Robust Consumer Financial Protection Bureau Regulations

Plcyk hl tz lg th C Fcl Ptct B (CFPB), whch g t bt, c c tct gcy. Th CFPB t t b “t cl wtchg” tht ct tgth c tct lw. Th gcyh jct b g cl c , clg bk, ct , tgg-lt b clg bk, yy l, c tg gc.87

Th fglg gcy th c lg l ggg wth tkhl.88 It t cl l tht th gcy’ t , xl thgh tg lgct. Th CFPB l hl t th tgg kt w t ty lg; x t th H Mtgg Dcl Act (HMDA) t t hww l ct cc t ct; h t lt t Cty Rtt Acttg wth HUD.89

4) Incentivize Inclusionary Zoning

Icly zg ctc whch clt q h w ctct th jct t b bl t l wth lw t . It bth x thhg tt lbl t ll t , wh ly ly, t tgtct. It l ct gt cc t qlty jb, chl, t. A b tt,ch Mchtt Nw Jy, h t lglt tht t cly zg.Atl tt cl gt hl llw th l. Th l gt hlctz th ch, , thgh th llct blc g, th gc hg bt ctc, th ct cl ght lw.




ConclusionTh lt c h t by l ch by xt c xc by t ct, gc, c, -t th cty.Atg th w, t tggl t c cc jy, c hl t th tty th Ac D, ty lg t th t.

Endnotes1 “Hhl Wlth Dw 23% 2 Y,” CNN My htt://y.c.c/2011/03/24/ /cl_c_tc/x.ht, citing Fl R B, “Syg th Atth thSt” (Mch 2011).

2 Pw Rch Ct, “Wlth G R t Rc Hgh Btw Wht, Blck Hc”(Jly 2011). . 31, available at htt://www.wclt.g/l/2011/07/SDT-Wlth-Rt_7-26-11_FINAL..

3 E bck 2009, th wlth Ac Ac w tt $164 bll. See “Dct Mtgg Lg Ac: A Sy th Dt Ict SbMtgg Lg Ac Ac,” Mq M, NAACP (Mch 2009), citing Ct

Rbl Lg, “Fcl by Rc Ethcty: Th Dghc C” (2010). Seealso “F Fcl t R-Rlg,” Cl Rtt Clt (2010), t 18, availableat htt://cc-ttc.lw.t./c_/cc-tty/2010-0923-St-Exhbt1..

4 Ct Rbl Lg, “Fcl by Rc Ethcty: Th Dghc C” (2010), available at htt://www.bllg.g/tgg-lg/ch-ly/ cl-by-c--thcty..

5 “A Ntl Tgy: HMDA Dt Hghlght Hwh Stbck Ac Ac Lt,” Ct Rbl Lg I B (St. 2010).

6 A R t l., “Stt th D 2008: Fcl,” Ut F Ecy,available at www.cy.g/w/tt__th__t.

7 See Bk Dly My Ph 1 Mll U.S. Fcl Flg t 2012 (Jly 2011), htt:// www.blbg.c/w/2011-07-14/bk-ly-h-1-ll---cl-t-2012---hw-.htl.

8 See GAO, “Mtgg Fcl: Dctt Pbl Rl N OggRglty Oght” (My 2011), available at htt://www.g.g/w.t/11433..




9 See NCRC, “Th Fcl C It Ict Ct Cl: Rch Slt” (St. 2011), J H. C, Kt B. Ack Mchll L. Mlchy available at htt:// cc.g/g/t//ch/cc_clwht_2011.; “Rblg Ct

Ecc Dt: Lcl Sttg t St Hwh, Rcl Vct Pt, Pt Cty-B Elyt,” J C Mchll Mlchy (Oct. 2010), available at :htt://www.cc.g/g/t/Ct_t/%20ttg_11-16%20l..

10 Albl t: htt://www.cl-.g/lcy_g/x.htl.

11 Rbt Qc, All F, Jk Rtcl, REGAINING THE DREAM: HOWTO RENEW THE PROMISE OF HOMEOWNERSHIP FOR AMERICA’S WORKING FAMILIES,Bkg Ittt 2011.

12 RltyTc, “Fcl Slw B” (Oct. 2011), htt://www.ltytc.c/ctt/ cl-kt-t/th-qt--tb-2011--cl-kt-t-6880.

13Id

.

14 See “Lt G, 2011: Dt Mtgg Lg Fcl,” CRL (2011),available at : htt://bllg.g/tgg-lg/ch-ly/lt-g-2011.htl.

15 See Aw Jkbc Al Ch, “It’ T W Tlk: Mty t th cl c,” Ct Ac Pg (2009) t 12, available at : htt://www.cg.g//2009/06//cl_t..

16 See l lglt t Ntl C Lw Ct, htt://www.clc.g// cl-t-g.htl.

17 Id .

18 Ub Ittt,“Ply Aly Ntl Fcl Mtgt Clg PgEct: Stb 2010 Ut,” Chl A. Clh, Nl S. My, Pt A. Tt, KthTk, available at htt://www.b.g/blct/412276.htl.

19 NCRC, “Rblg Ct” t 5-6.

20 NCRC, “Rblg Ct” t 3, 5.

21 “Rg Ac’ Hg Fc Mkt: A Rt t Cg,” t 6.

22 FHFA, “Altt Mtgg Scg Dc P” (St. 2011), htt://www.h.g/ wbl/22663/ScgCDcPFl092711..

23 Id . t 28.

24 See “CFPB Otl Mtgg Scg Rglt Sttgy” (Oct. 13, 2011), htt://www.hgw.c/2011/10/13/cb-tl-tgg-cg-glt-ttgy.

25 See, e.g., Fl T C P Rl, “Ctyw Wll Py $108 Mll Ochgg Stgglg Hw; L Sc Ift F, Mhl L Bw Bktcy” (6/7/2010), available at htt://www.tc.g//2010/06/ctyw.ht.

26 See HAMP g wbt t: htt://kghbl.g/bt.htl.




27 Id . t 6. See also Ntl C Lw Ct, St Tty t htt://www.clwct.c/tty-b-th--t--th-tt--cl-l-ct/;“Th Wy Fw: Pl t Rl th C Rbl Wlth,” OFC, . 4.

28 U.S. Dtt Hg Ub Dlt & U.S. Dtt thTy, “Th Ob Att’ Et t Stblz th Hg Mkt HlAc Hw” (Dc. 2011), available at htt://tl.h.g/htl/ct/ hc?=DcNt2011_SC_FINAL..

29 NCRC, “Th Fcl C It Ict” t 15.

30 See “F Fcl t R-Rlg,” CRC, t 24-25, ctg ch g thFl R Bk Nw Yk.

31 Id . t 26, 30.

32 Id . t 32, cbg lck t t LEP t gg hw t bt

yt.

33 See 15 U.S.C. § 1639; see also St tty, htt://www.clwct.c/tty-b-th--t--th-tt--cl-l-ct/.

34 See “Pt Fcl, K Fl Th H: Cllbt wth L Sc t Obt Btt T Extg Bw,” t htt://www.cl-.g/ lcy_g/cl_t.htl?t=298.

35 “Fcl: A C Lgl Rtt,” htt://b.3c.t/ 5b8685c088572_86bkx. t 4.

36 “Bktcy Lw R — A Nw Tl Fcl Ac,” Ct S (2009), t

4, available at : htt://jcy.h.g/hg//S090126..

37 See “Ig U.S. Hg Fc thgh R F M F Mc:Ag th Ot,” F Ct (2010) t 11.

38 Id . t 12.

39 See Ct Ac Pg, “A Rbl Mkt Rtl Hg FcEg th Ft th U.S. Scy Mkt Mltly Rtl Rtl Mtgg”(2010), available at htt://www.cg.g//2010/10//ltlyhgt..

40 See “Cl Rght Sttt Pcl Scy Mtg Mkt R,” available at

htt://c.g//GSE-Pcl-Dcb2010..41 NCRC, “Th Ict th P Ql Rtl Mtgg Dt HOtty Ac,” Jh Sl Ach Ph, htt://www.cc.g/g/t// cc_qly_ctjly2011..

42 See NCLC, “Th Rl O Th Stt U Th D-Fk Wll Stt R AC Ptct Act O 2010,” htt://www.clc.g/g//lglt/-k-l--th-tt..




43 “Bck T Bc: A Sg Ach T Hwh,” A Ittt Itt Fcl Scty, available at : htt://www.cty-wlth.g/_/tcl-blct/wlth-t/-..

44 See, e.g., “Sty y ct c gt t,” D B Jl (J. 92007), htt://www.bzjl.c//t/2007/01/08/ly17.htl.

45 See Th Uty D Ct Ac-Ac Plcy, “Fcl Ewt th Ubk Ubk C: Cg th R L,” available at : htt://www.cltclchc.g//FICOc..

46 See CFPB, “Th Ict Dc Btw C- Ct-Pch CtSc: Rt t Cg,” htt://www.cc.g/w-ctt/l/2011/07/ Rt_20110719_CtSc..

47 See “Rt t th Cg Ct Scg It Ect th Alblty Ablty Ct” (2007), htt://www.l.g/bc/tcg/ctc/ ctc.

48 See, e.g., GAO, “SINGLE-FAMILY HOUSING: Stg Oght FHA L ClRc HUD’ Ic Rk” (Al 2000), g tht “HUD’ c gtg FHA- l ct t thty... lt c tht l cgth thty ql,” available at : htt://www.g.g/w.t/c00112.; “SINGLE-FAMILY HOUSING: Pg M, bt Ott Ext t I HUD’ Oght FHAL” (Nb 2004), htt://www.g.g/w.t/0513. ; “MULTIFAMILY HOUSING:It N HUD’ Oght L Tht Uwt FHA I L” (Jly2002), htt://www.g.g/w.t/02680.; “Fl Hg Att: MztPl Wl H Pg Bgt Ilct Rq Ct It RkMgt,”(J 2007), htt://www.g.g/ct/GAO-07-708; “It Tchlgy:

HUD N t Stgth It Ccty t Mg Mz It IT Et” (Jly 2009),htt://www.g.g/ct/GAO-09-675.

49 NCRC, “Rblg Ct” t 18.

50 Id . t 19.

51 Id . t 18.

52 Ntl Cty Rtt Clt, “Rblg Ct EccDt: Lcl Sttg t St Hwh, Rcl Vct Pt, PtCty-B Elyt,” J C Mchll Mlchy (Oct. 2010) t 13, available at :htt://www.cc.g/g/t/Ct_t/%20ttg_11-16%20l..

53 Id . t 13-14.

54 See g t t htt://www.h.g/c/c/ctylt/ g/ghbhg/.

55 “Sc Mt Fcl Pt: Cly Pty Ow MtcRblt thght th Fcl Pc,” Fcl-.g, t htt://www.cl-.g/lcy_g/c_t.htl?t=272.

56 Id . t 9, citing “Sttg & Tchcl Tl”. Ntl Vct Pt Cg, availableat htt://www.ctt.g/ttg/tl.htl.




57 S g wbt t: htt://tl.h.g/htl/HUD?c=/g_c/c_lg/ctylt/g/ghbhg.

58 See Ntl Hg Tt F bckg tl, available at : htt://www.ht.g/ tlt/g.c?=40#htbckg.

59 See g t t htt://tl.h.g/htl/HUD?c=/g_c/ tbl_hg_ct/HUD-DOT_Cty_Chllg_Gt.

60 See “Nt Sttg Rtg REO Pt t Pct U,” available at htt:// www.b.b.g/c/REO--ct-t/107-Flch..

61 Id . t 110.

62 12 U.S.C.§ 2901.

63 See, e.g., Th Cty Rtt Act: Thty Y Acclht, bt Chllg

R, Hg b th H Ctt Fcl Sc (Fb. 13, 2008).

64 “Th Wy Fw,” OFC t 16.

65 Id . t 17.

66 See “A Nt G Bt Sll Fcl H Bck t Th Ow,” Chcl Phlthy (Jly 24, 2011), htt://hlthy.c/tcl/A-Bt-Nt-Sll/128349/?ky=Hjh2QMzNXVKMCxgOTkQz9SYCBZUwZCMOC4tbllXFw%3D%3D.

67 See Sltl Dct 11-2 (Mch 2011), . 8, available at htt://www.h.c/ tl/g/c/h_c/1102..

68 NCRC, “Rblg Ct” t 10, citing Bk, D. “Sb Bw D Ow t Rt Tt,” Ect’ Vc (Fby 2008).

69 See D Bk, “Rght t Rt: Wll th Ob Att Flly Fx Hg?” Ct Ecc Plcy Rch (J 27, 2011), htt://www.c.t/x.h/--&-cl/ --&-cl/ght-t-t-wll-th-b-tt-lly-x-hg.

70 P.L. 111-22 (My 20, 2009), text available at htt://www.lhc.g/c/701-704-Pblc-Lw-111-22..

71 See “Vlt th Ptctg Tt t Fcl Act: A Rt Nclc Cctct by Fclg L, Rl Ett Agt, Lw F” (Dc. 2009), Nw HLgl Atc Act, available at htt://www.lhc.g/c/PTFA-Rt-Fl..

72 See g wbt t: htt://www.hh./g/.

73 “Th Fcl Gt: Th Lg-T Ict th Hg C LtChl Fl,” NCLR t 22, 26.

74 Id . t 30.

75 “C Dt: Blck Hc Tk Dt Sggt Pth,” D Fy, BkgIttt (2010), htt://www.bkg.//2010/1216_c_y.x.




76 See Th Stt Otty Ac (Th Otty Ag 2006) t 118-19, availableat htt://ttyg.g/ttc/t/STATE%20OF%20OPPORTUNITY%20REPORT.PDF.

77 L Rb Aw Gt-Th, Rc, Plc, H: A Cl Rght Mtlt Otty Ag (Cl Rght Pjct 2004), available at htt://www.clghtjct.cl./ch/t/Rc_Plc_H. t 23, (ctg Jgwky 2003).

78 Th qt lltt by ct clw, clg U.S. ex rel. Anti-DiscriminationCenter v. Westchester County, 668 F.Supp.2 548 (S.D.N.Y. 2009), whch tht WtchtCty h l tly thg hg ctct qtg HUD , hl tht th ctct w t lty, bt th btt qt qgth Cty t cct ly t, clg cl ggt, tk tct ; Thompson v. HUD, 404 F.3 821(4th C. 2005), whch hl tht tHUD’ ty t AFFH, t w bl tg gl hg lt t ggt.

79 See Exc. O N. 12892, t Sc. 1 (1994); 42 U.S.C. § 3608() (2010); l Th

Otty Ag, Plcy B: Rg HUD’ Rglt t Atly Fth FHg (2010), available at htt://ttyg.g/l/l_l/2010.03RgHUDRglt..

80 See PRRAC ( ll) Ltt t Ty, Oct. 2010, available at htt://www.c.g// cl_ght_ltt_t_Mchl_B_10-26-10..

81 See “Dt Ict U th F Hg Act: A P Ach,” RbtSchw S Ptt, NFHA (2009), available at htt://www.tlhg.g/Ptl/33/ DISPARATE%20IMPACT%20ANALYSIS%20FINAL..

82 Id .

83 42 U.S.C §3601-3619 (2000).84 See “Fcl, Itgt, th Ft th F Hg Act,” Jh P. Rl, 41Indiana L. Rev. 629 (2008), cbg Blt’ t gt Wll Fg.

85 “Fthg F Hg, th Hg Fc Syt, th Gt SEt,” Hy K Kw Ittt, t 17.

86 See “Fcl, Itgt, th Ft th F Hg Act,” Jh P. Rl, 41Indiana L. Rev. 629 (2008), cbg Blt’ t gt Wll Fg.

87 See Vtll, Cy, “Th Wll Stt R Act Wht t M J JC,” 23 Ly. Consumer L. Rev. 99, 101 (2010).

88 S U.S. Dt. th Ty wbt: Wll Stt R, htt://www.ty.g/ tt/Pg/cb.x. S also “Th C Fcl Ptct B: Tl, Tt, Chc,” T Fhlz, Nw Ac Ft (Oct. 2010), htt://bct.ty.c/l/ hlz_cb_10-2010_l..

89 “Th Wy Fw,” OFC t 11.




Appendix

C o m

p a c t f o r H o m e O p p o r t u n i t y

P r e v en t i n g

F or e cl o s ur e s

F ai r an d S u s t ai n a b l e

M or t g a g e s

R e s t or i n g

N ei gh b or h o o d s

R e b ui l d i n g

E c on omi c S e c ur i t y

F o s t er i n gF ai r

H o u s i n g

M an d a t or y

M e d i a t i on

P r e- an d P o s t -

P ur ch a s e C o un-

s el i n g

R ef or m

S er vi ci n g

G ui d el i n e s

R ef or m HAMP

I m pr o v eL e g al

A s s i s t an c e

P r i n ci p al

R e d u c t i on s

B ank r u p t c y

R ef or m

P o s i t i v e G S E

R ef or m

A c c e s s i b l e

QRM

I n cr e a s e

C on s um er

P r o t e c t i on s

E n s ur e

C on s um er

R e a d i n e s s

I m pr o v e d

Cr e d i t S c or i n g

M e ch ani s m s

S u p p or t L an d

B ank s

V a c an

t P r o p er t y

R e g

i s t r a t i on

C omm uni t y

D e v el o pm en t

P r

o gr am s

Mi x e d - U s e

Z

oni n g

R e s

p on s i b l e

RE O

Di s

p o s i t i on

I m pr o v eF HA

P r a c t i c e s &

O v er s i gh t

O wn er R e- s al e

S e e d C a pi t al

O wn- t o-R en t

P r o gr am s

P T F AP er m. w /

P r i v a t eRi gh t o

f

A c t i on

E x p an d

H om el e s s n e s s

P r e v en t i on

F or m er

O wn er Cr e d i t

P r o t e c t i on

F l exi b l eH o u s i n g

T en ur e s ( L e a s e t o

O wn )

S t r en g t h en

F ai r H o u s i n g

R e g ul a t i on s

I m pr o v e

C o or d i n a t i on of

E nf or c em en t

R o b u s t CF P B

R e g ul a t i on s

I n cl u s i on ar y

Z oni n g

CRA

M o d

er ni z a t i on



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