CBC users and additionally starred a crucial role into the big reforms of the mortgage sector
A bill to help you ban any individual, about the an excellent subprime federally related home mortgage, out of bringing mortgage lending qualities or home loan brokerage properties except if particularly person is official from the HUD because being adequately trained with mention of subprime lending
Many CBC participants and additionally Agents Mel Watt (NC-12), Maxine Oceans (CA-43), Andre Carson (IN-07), Elijah Cummings (MD-07), and you will Gregory Meeks (NY-05) spent some time working to incorporate specifications regarding Dodd-Honest Wall surface Highway Change and you will User Economic Protection Act out-of 2010 you to aided target risky credit, create the historic Consumer Financial Safety Agency, target disproportionate predatory financing so you can minority communities, and provide mortgage rescue to people facing property foreclosure.
After the onslaught of crisis, CBC players spent some time working to grow possibilities for individuals and teams distress out-of property foreclosure. From inside the 2008, Rep. Waters caused stakeholders and you may acquaintances both in the brand new CBC and you may on the Financial Services Committee to manufacture your local Stabilization Program, an application to help you enable local governments purchasing and you can redevelop foreclosed or given up characteristics into reasonable construction to have functioning household. Caucus players including showed up together beneath the management away from Michigan Agents John Conyers (MI-13) and you can Carolyn Kilpatrick this current year to call to own good moratorium to the foreclosure in every claims up until situations away from deceptive records is investigated and you can fixed.