Examples of Existing Programs
Anti-predatory lending and homebuying programs include:
- Fannie Mae’s Borrow with Confidence Program. Under this program, real estate agents learn to be a one-stop source of information for home buyers on credit and financing issues and on affordable lending. The program also brings responsible lenders into underserved areas.
- Freddie Mac’s Don’t Borrow Trouble Program. This program combines public education and counseling to help homeowners avoid predatory loans.
- The NAR/Neighborworks America Partnership. This Partnership promotes housing opportunities through homeownership education.
Links to Websites on Financial Literacy,
Homebuying, and Predatory Lending
Consumer literacy information sites include:
- My Money—the Federal Government’s website with links to many sites, including those on the following subjects:
- Budgeting and Taxes
- Financial Planning
- Homeownership, including links to HUD’s site on avoiding predatory lending, finding housing counselors, and other information for homebuyers.
HUD’s Website—a wealth of information about homebuying. http://www.hud.gov/buying/index.cfm
Freddie Mac’s Credit Smart Program—helps consumers understand, build, and maintain better credit. http://www.freddiemac.com/creditsmart
FDIC’s Money Smart Program—“a training program to help adults outside the financial mainstream enhance their money skills and create positive banking relationships.” http://www.fdic.gov/consumers/consumer/moneysmart/overview.html
Credit-Power targets students and contains information about credit and homeownership, including links to other sites designed for young people. It's sponsors are the Illinois Association of Realtors, the Partnership for Homeownership, and Freddie Mac.
Information about shopping for mortgages and avoiding predatory lending is available on many sites, including:
- “Looking for the Best Mortgage” is a brochure on how to shop, compare, and negotiate the best deal on a home loan. The brochure is a joint effort of 11 federal agencies, including FTC, the Federal Reserve Board, HUD, and the Justice Department. http://www.federalreserve.gov/pubs/mortgage/mortb_1.htm.
- The Fannie Mae Foundation offers free homebuying guides: “Knowing and Understanding Your Credit,” “Opening the Door to a Home of Your Own,” and “Choosing the Mortgage that’s Right for You.” http://www.homebuyingguide.com
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