The Pew Charitable Trusts, an organization that aims to improve public policy on relevant issues, announced plans this week to provide the Center for Responsible Lending with a $1-million investment that will be used to curve irresponsible subprime lending.

Pew said through this initiative, it aims to strengthen underwriting standards on loans, while also developing standards that require lenders to verify a borrower’s income and determine if borrowers’ truly have the ability to pay loans after adjustable-rates reset.
“American families have plenty of financial pressures facing them today and now too many have also fallen victim to mortgage schemes that can leave them broke or homeless, or both,” said Tobi Walker, Pew officer in Health and Human Services Policy.
Pew hopes with the agency’s support CRL can continue to encourage lawmakers to push for policies that protect home buyers.
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