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Statement Regarding The Center for Responsible Lending's (CRL) Analysis on Subprime Mortgages and Homeownership
March 27, 2007

CRL's latest conclusions regarding subprime lending and its negative impact on homeownership appear to be based upon the activist group's own foreclosures study released last December.
 
Statement Regarding Wal-Mart's Withdrawal of its Industrial Bank Application American Financial Services Association
March 16, 2007

Today's announcement about Wal-Mart's decision to withdraw its application to charter an Industrial Bank (also known as Industrial Loan Companies or ILCs) removes the most controversial element in the debate surrounding ILCs for the past year and a half.
 
Statement Regarding The Launch of Americans for Fairness in Lending
and The Debut of "Maxed Out" American Financial Services Association (AFSA)
March 6, 2007

AFSA and its members are committed to fair lending practices. We share Americans for Fairness in Lending's goals of eliminating lending abuses and obtaining full disclosures for consumers. While it is not portrayed in "Maxed Out," the controversial documentary now debuting in different parts of the country, the consumer credit industry has always spoken out about the dangers of excessive credit use — and always will.
 
AFSA Urges GAO Study on Foreclosures
WASHINGTON, February 26, 2007... Citing the need for independent research, the American Financial Services Association (AFSA) today urged members of the Senate Committee on Banking, Housing and Urban Affairs to ask the Government Accountability Office (GAO) for a study on foreclosure rates.
News Release | AFSA's Full Testimony
 
AFSA, Regulators Reach Agreement on Mortgage Licensing System
WASHINGTON, February 20, 2007... A trade group representing mortgage lenders and other consumer finance companies today announced that, after months of negotiations, it has reached an agreement with state-level regulators on the principles and sample legislative language for a new national mortgage licensing system.
 
Statement Regarding Today's Hearing on
AFSA and its members share the Senate Banking Committee's goal of eliminating abusive mortgage lending practices and reducing foreclosures. As the committee considers possible approaches, we respectfully ask them to lean toward those that allow borrowers to decide for themselves whether a particular mortgage is right for them, rather than requiring lenders to assume this responsibility.
 
Statement Regarding the FDIC's Moratorium for Industrial Banks
American Financial Services Association (AFSA)
January 31, 2007

AFSA is disappointed in the Federal Deposit Insurance Corporation's (FDIC)'s decision to continue its moratorium for deposit insurance applications by commercially owned industrial banks, while lifting the moratorium for those that are financially owned.
 
Statement Regarding H.R. 698, The Industrial Bank Holding Company Act of 2007, January 29, 2007
The bill introduced today by Representatives Barney Frank (D-MA) and Paul Gillmor (R-OH) perpetuates a myth that industrial banks (also known as Industrial Loan Companies or ILCs) violates a separation between banking and commerce.
 
AFSA Urges FDIC to End Moratorium on Industrial Banks
January 25, 2007

AFSA today called upon the Federal Deposit Insurance Corporation (FDIC) to allow its six-month moratorium on industrial bank applications for deposit insurance to expire January 31st as scheduled.
AFSA news release | AFSA's letter to the FDIC
 
Statement Regarding Today's Enactment of H.R. 4709,
the Telephone Records and Privacy Protection Act of 2006
American Financial Services Association (AFSA)
January 12, 2007

AFSA applauds today's enactment of H.R. 4709 whose chief sponsor is Rep. Lamar Smith (R-TX).
AFSA's Statement | Text of Bill
 
Statement Regarding The Center for Responsible Lending's (CRL) Report on Foreclosure Rates for Subprime Mortgages
December 19, 2006

CRL's latest report requires careful analysis, which it will receive in the coming weeks. However, based upon methodology deficiencies in the group's previous reports, industry observers have reason to question the conclusions released today. According to information from the Center for Statistical Research, lenders started foreclosure proceedings for 1.45% of subprime loans during 2005's third quarter.
 
AFSA Statement Regarding Today's Ruling
by the Circuit Court for Montgomery County
American Financial Services Association, et. al v. Montgomery County, MD
November 30, 2006

The Circuit Court for Montgomery County's decision to strike down Montgomery County's mortgage lending bill (Bill 36-04) is good news for the county's current and prospective homeowners. It resolves uncertainty that has surrounded Montgomery County's mortgage market since last year and preserves borrowers' access to mortgage credit.
 
AFSA Statement Regarding the Ohio Supreme Court's Decision
in American Financial Services Association v. Cleveland
November 20, 2006

Today's 5-2 ruling by the Ohio Supreme Court is good news for current and prospective homeowners in Ohio, as it resolves uncertainty that has surrounded the state's mortgage market since 2002.
AFSA's Media Statement | Ohio Supreme Court Decision
 
Borrowers, Not Lenders, Should Decide Appropriateness
of Mortgage Products, Finds Survey

Washington, November 20, 2006... Nearly nine in ten Americans (88%) say they want to decide for themselves whether or not a mortgage product is right for them, rather than leaving that responsibility to the mortgage lender, show survey results released today by the American Financial Services Association (AFSA).
 
AFSA Issues Comment on CSBS/AARMR Guidance
on Nontraditional Mortgages

November 14, 2006... AFSA appreciates the Conference of State Bank Supervisors '(CSBS) and the American Association of Residential Mortgage Regulators' (AARMR) recognition of the need for consistency between state level and federal guidance on nontraditional mortgages. At the same time, the guidance released today by two of the groups representing state financial regulators mirrors many of the same problems contained in the September 29th guidance from the Federal Financial Regulatory Agencies.
 
CitiFinancial Executive Installed as AFSA Chairman CitiFinancial Executive Installed as AFSA Chairman
WASHINGTON, November 1, 2006... Harry Goff, chairman and chief executive officer of CitiFinancial North America, is the 2006-2007 chair of the American Financial Services Association (AFSA). He was installed into office this week during the group's 90th Annual Meeting and Leadership Conference held in Washington, D.C.
 
NFCC Issues Bankruptcy Report
Washington, October 16, 2006... In anticipation of the one-year anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act, the National Foundation for Credit Counseling today released a report outlining key findings from a September 2006 survey of NFCC agencies.
 
AFSA Calls on CSBS/AARMR to Address Industry Concerns About National Mortgage Licensing Project
Washington, October 6, 2006... Industry concerns about the development of the national mortgage licensing system must be resolved before the project can move forward with industry support, according to the American Financial Services Association (AFSA).
 
Industrial Banks May Pose Lower Risk for Deposit Insurance Fund, Says AFSA
WASHINGTON, October 5, 2006... While the past eight years has seen a relatively rapid growth in the number of industrial banks, there's no evidence that these banks present any greater risk to the deposit insurance fund than other insured depository institutions, said the American Financial Services Association (AFSA) in a comment letter submitted today to the Federal Deposit Insurance Corporation. Comment Letter
 
AFSA Names New President/CEO
WASHINGTON, October 3, 2006... Christopher S. Stinebert will become the American Financial Services Association (AFSA)'s next president and chief executive officer, the association announced today. His appointment is effective November 1, allowing a two-month transitional period before Randy Lively, AFSA's current president, retires on December 31.
 
Statement Regarding the Federal Reserve's Analysis of the 2005 Home Mortgage Disclosure Act (HMDA) Data
AFSA believes the Federal Reserve's analysis of the 2005 HMDA data is sound and well-reasoned. The data show that the proportion of mortgage loans with prices above the HMDA price reporting thresholds increased from 2004-2005. As the Federal Reserve has said, this expected increase was driven by changes in the interest rate environment from 2004 to 2005.
 
Circuit Court for Montgomery County Holds July 6th Hearing on American Financial Services Association, et. al v. Montgomery County, MD
During the hearing, AFSA asked the Circuit Court for Montgomery County to prevent enforcement of a Montgomery County mortgage lending bill and preserve borrowers' access to mortgage credit. The court did not issue a ruling, but took the matter under advisement and extended the existing preliminary injunction preventing the bill from taking effect until a final opinion is issued.
 
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