1. FINANCIAL STABILITY PLAN – MAKING HOME AFFORDABLE
INFORMATION ON STRATEGY AND PROGRAMS TO IMPROVE FINANCIAL STABILITY
An important new government Web site was launched on Thursday, March 19, 2009. Please use the self-assessment tools provided on MakingHomeAffordable.gov to see if you are among the 7 to 9 million homeowners who may be able to benefit from Making Home Affordable.
The President’s Plan was created to help millions of homeowners refinance or modify their mortgages to a payment that is affordable, both now and in the future.
2. Mortgage Basics
HOW-TO GUIDES AND TOOLS FOR EVALUATING MORTGAGES
GOVERNMENT
Federal Reserve Board
Website tool for comparing mortgage rates and terms
https://www.federalreserve.gov/apps/mortcalc/
Handbook describing adjustable rate mortgages (produced in conjunction with other federal agencies)
www.federalreserve.gov/pubs/arms/armsbrochure.pdf
Publication describing interest-only and payment-option mortgages (produced in conjunction with other federal agencies)
www.federalreserve.gov/pubs/mortgage_interestonly/mortgage_interestonly.pdf
Brochure describing the basics of mortgage-rate lock-ins
www.federalreserve.gov/pubs/lockins/default.htm
Information on settlement costs
www.federalreserve.gov/pubs/settlement/default.htm
Primer on home equity lines of credit
www.federalreserve.gov/pubs/equity/equity_english.htm
Federal Reserve Bank of Atlanta
Payment calculator and affordability analysis tools
www.frbatlanta.org/partnerssoftwareonline/dsp_main.cfm
Federal Deposit Insurance Corporation
Shopping guide for obtaining the best mortgage (produced with the Interagency
Task Force on Fair Lending)
www.fdic.gov/consumers/looking/index.html
Broad educational tutorial on the banking system and wise financial decision-making
www.fdic.gov/consumers/consumer/moneysmart/mscbi/mscbi.html
U.S. Department of Housing and Urban Development
Detailed guide to settlement costs
www.hud.gov/offices/hsg/sfh/res/stcosts.pdf
NONGOVERNMENT
Freddie Mac
Online resource detailing the benefits and costs associated with homeownership
http://www.freddiemac.com/corporate/buyown/english/preparing/right_for_you/
Simple description of how mortgages work and different mortgage types
http://www.freddiemac.com/corporate/buyown/english/mortgages/what_is/
Fannie Mae
High-level guide describing the basics of homebuying and mortgage applications
www.fanniemae.com/homebuyers/findamortgage/becoming/index.jhtml p=Find+a+Mortgage&s=Becoming+a+Homeowner ?
Monthly mortgage payment calculator
www.mortgagecontent.net/scApplication/fanniemae/monthlyPayment.do?p=Resources&s=Calculators&t=How+Much+Is+Your+Monthly+Payment ?
Home and mortgage affordability calculator
www.mortgagecontent.net/scApplication/fanniemae/specificSalesPrice.do
Tool for determining value associated with mortgage refinancing
www.mortgagecontent.net/scApplication/fanniemae/refinanceResults.do
Primer on reverse mortgages
www.fanniemae.com/global/pdf/homebuyers/moneyfromhome.pdf
Mortgage Bankers Association of America
Brochure discussing mortgage basics and ways of finding the right mortgage
www.homeloanlearningcenter.com/files/MtgsAtoZFirstSteps.pdf
Details on the mortgage application process
www.homeloanlearningcenter.com/files/MtgsAtoZHomeLoans.pdf
National Association of Home Builders
Short, high-level description of mortgages with tips on shopping for adjustable- rate mortgages
www.nahb.org/generic.aspx?genericContentID=303&print=true
PREDATORY LENDING
GOVERNMENT
U.S. Department of Housing and Urban Development
Tips for avoiding predatory lenders
www.hud.gov/offices/hsg/sfh/buying/loanfraud.cfm
Board of Governors of the Federal Reserve
Pamphlet discussing risky loans (produced with Federal Interagency Task Force on Fair Lending)
www.federalreserve.gov/pubs/riskyhomeloans/predatorylendingbrochure.pdf
Department of Housing and Urban Development
Frequently asked questions concerning The Real Estate Settlement Procedures Act (RESPA), a law designed to protect consumers in the real estate settlement process
www.hud.gov/offices/hsg/sfh/res/resconsu.cfm
www.hud.gov/offices/hsg/sfh/res/resindus.cfm
NONGOVERNMENT
Mortgage Bankers Association of America
Resource for reporting abusive lenders
www.stopmortgagefraud.com/report.htm
3. Mortgage and Housing-Related Fraud
GOVERNMENT
Federal Bureau of Investigation
Background on mortgage fraud and some common types
http://www.fbi.gov/page2/dec05/mortgagefraud121405.htm
Descriptions of fraud and ways of avoiding it
www.fbi.gov/page2/dec05/operationquickflip121405.htm
List of tips for avoiding fraud
www.fbi.gov/page2/dec05/tipstopreventfraud121405.htm
Presentation reporting fraud statistics
www.fbi.gov/page2/dec05/chartsandgraphs.pdf
U.S. Department of Housing and Urban Development
Tips for avoiding various types of housing-related fraud
www.hud.gov/offices/hsg/sfh/buying/loanfraud.cfm
Financial Crimes Enforcement Network
Report detailing the types of fraud and their relative frequency
www.fincen.gov/MortgageLoanFraud.pdf
FHFA
Agreement between FHFA and FinCEN to share fraud data
Final Regulation on Mortgage Fraud
Guidance concerning how Fannie Mae and Freddie Mac report mortgage fraud
For more information on Fannie Mae, Freddie Mac or FHFA and mortgage fraud, please see mortgage fraud page.
Federal Motor Carrier Safety Administration
Guide to avoiding mover fraud
www.protectyourmove.gov/documents/protect-brochure.pdf
NONGOVERNMENT
Freddie Mac
Mortgage fraud awareness presentation (geared to loan originators, but useful for consumers)
http://www.freddiemac.com/learn/pdfs/uw/fraud.pdf
Details of foreclosure rescue schemes
www.freddiemac.com/singlefamily/news/newsletter/2007/06/fraud.html
Fraud Hotline 1-800-437-2838 or 1-800-4-FRAUD 8
Fannie Mae
Collection of materials and resources related to mortgage fraud
http://www.efanniemae.com/utility/legal/antifraud.jsp?from=hp
Consumer Resource Center
1-800-7-Fannie
Mortgage Bankers Association of America
Basic questions designed to uncover abusive and fraudulent lending practices
www.stopmortgagefraud.com
Website for fraud-related news and consumer information
http://mbafightsfraud.mortgagebankers.org/
Website covering basics of mortgage fraud and predatory lending
www.homeloanlearningcenter.com/ConsumerHelpDesk/
UnderstandingandReportingSuspectedPredatoryLendingandFraud.htm
4. Foreclosure Avoidance
GOVERNMENT
U.S. Department of Housing and Urban Development
Tips for homeowners facing financial difficulties and sources for possible relief
www.hud.gov/foreclosure/index.cfm
Federal Reserve Board
Website linking to resources published by the Federal Reserve Board
and other entities
www.federalreserve.gov/pubs/foreclosure/default.htm
NONGOVERNMENT
Fannie Mae
Links to credit and delinquency counseling groups
www.mortgagecontent.net/findCounselorApplication/fanniemae/findCounselor.jsp?p=Resources&s=Counselors+%26+Agencies&t=Find+a+Counselor+Search
Freddie Mac
Guidance for consumers having difficulty making housing payments
www.freddiemac.com/corporate/buyown/english/owning/avoid_foreclosure.html
Mortgage Bankers Association of America
Brochure providing background and tips for preventing foreclosure
www.homeloanlearningcenter.com/files/MtgsAtoZMortgage.pdf
NeighborWorks
Main page for Center for Foreclosure Solutions, a resource center for foreclosure-related issues
http://www.nw.org/ForeclosureSolutions/
Training resource for foreclosure counselors
http://www.nw.org/network/training/homeownership/default.asp
Answers to basic questions from distressed borrowers
http://www.nw.org/network/newsroom/documents/foreclosureFactSheet_000.pdf
Homeownership Preservation Foundation
Counseling operation (“Homeowner’s Hope”) aimed at helping those concerned about foreclosure
http://www.995hope.org/
5. Housing-Related Discrimination
GOVERNMENT
Department of Justice
Information on the Fair Housing Act and the Department of Justice’s efforts to ensure compliance with the Act
www.usdoj.gov/crt/housing/fairhousing/faq.htm
U.S. Department of Housing and Urban Development
Information on how to file a complaint about housing discrimination
www.hud.gov/complaints/housediscrim.cfm
Board of Governors of the Federal Reserve
Brochure describing fair lending laws and the mortgage application process
www.federalreserve.gov/pubs/mortgage/morbro.htm
NONGOVERNMENT
Leadership Conference on Civil Rights Education Fund and National Fair Housing Alliance
Online resource describing different types of discrimination and providing consumers with information on relevant laws and enforcement organizations
www.fairhousinglaw.org/fair_housing_laws/
6. Consumer Information from Financial Services Regulators and Industry Groups
GOVERNMENT
National Credit Union Administration
The federal regulator of credit unions
www.ncua.gov/ConsumerInformation/index.htm
Department of Housing and Urban Development
Government agency tasked with increasing homeownership, supporting community developing and increasing access to affordable housing free from discrimination
www.hud.gov/consumer/index.cfm
Information concerning HUD’s mission regulation of Fannie Mae
and Freddie Mac
www.hud.gov/offices/hsg/gse/gse.cfm
Board of Governor of the Federal Reserve
Central bank of the United States and bank supervisor
www.federalreserve.gov/consumerinfo/mortgages.htm and www.federalreserve.gov/consumerinfo/default.htm
Federal Deposit Insurance Corporation
Deposit insurer and supervisory agency
www.fdic.gov/consumers/consumer/
Office of the Comptroller of the Currency
Regulator and supervisor of national banks
www.helpwithmybank.gov/
Consumer Advisory: Consumer Tips for Avoiding Mortgage Modification Scams and Foreclosure Rescue Scams
http://www.occ.gov/ftp/ADVISORY/2009-1.html
Office of Thrift Supervision
Regulator of various federal and state savings associations
www.ots.treas.gov/main.cfm?catNumber=5&catParent=0
NONGOVERNMENT
American Bankers Association
Trade group representing banks, savings associations, and other financial entities
http://www.aba.com/ABAEF/default.htm
Mortgage Bankers Association of America
Trade group servicing the real estate finance industry
www.mortgagebankers.org/homeownership/index.asp?cat=1
7. Other Consumer-Oriented Organizations and Resources
ONLINE COMPILATIONS OF CONSUMER INFORMATION
GOVERNMENT
Consumer.gov
Information about communities and housing
http://www.consumer.gov/yourhome.htm
Online portal for government information
www.consumer.gov
GovBenefits.gov
A partnership of Federal agencies with a shared vision to provide improved, personalized access to government assistance programs
www.govbenefits.gov
USA.gov
Portal that makes available official information and services from the U.S. government
www.usa.gov
General Services Administration (Info.gov)
Resources for those with questions about the federal government
http://www.info.gov/
Federal Citizen Information Center
Web portal with consumer information organized by topic and interested audience types. Provides tips for harmed consumers and a catalog of state-level resources
http://www.consumeraction.gov/
Federal Consumer Information Center
Handbook for consumers guiding them on smart-shopping principles
http://www.consumeraction.gov/
A one-stop source for answers to questions about government
services and consumer problems
www.pueblo.gsa.gov/
IDtheft.gov
Website describing activities of President’s Task Force on Identity Theft with links to consumer information aimed at reducing frequency of theft
www.idtheft.gov/index.html
ORGANIZATION WEBSITES
GOVERNMENT
Federal Trade Commission
Government competition watchdog that provides consumer information on variety of issues
www.ftc.gov/bcp/consumer.shtm
Department of Justice
Government agency with a number of missions, including combating fraud and providing consumer resources
www.usdoj.gov/whatwedo/whatwedo_if.html
U.S. Consumer Gateway
The National Contact Center provides answers to questions about the Federal Government and everyday consumer issues 1-800-FED-INFO (1-800-333-4636).
Commodities Futures Trading Commission
Government monitor of futures and options markets
www.cftc.gov/customerprotection/
Securities and Exchange Commission
Oversight organization for various financial markets
www.sec.gov/index.htm
NONGOVERNMENT
Better Business Bureau
Information resource tracking consumer experiences with businesses and organizations
www.bbb.org
NeighborWorks America
Information for current and potential homeowners
www.nw.org/network/home.asp
Consumer Federation of America
Consumer information and advocacy on a wide range of industries and subjects
www.consumerfed.org
Consumers Union
Product information and tips and resources for citizens with an interest in consumer-related legislation.
www.consumersunion.org
Center for Responsible Lending
Information and advocacy for mortgage borrowers and consumers with other borrowing needs
http://www.responsiblelending.org
