Mortgages

Consumer and Civil Rights Groups Oppose Proposed Changes to the Home Mortgage Disclosure Act

The Consumer Federation of America, along with other consumer and civil rights groups oppose the proposed changes to the Home Mortgage Disclosure Act (HMDA). The HMDA has been a critical source of information about mortgage lending since its enactment in 1975, along with major improvements in 1989 and in the Dodd-Frank Act in 2010. The proposed changes will reduce the data’s coverage; leave many lenders outside of the reported data; and make the remaining observations less robust and reliable.