In the May 2005 Midyear Meetings, the Board of Directors approved the Sub prime Lending Work Group report. NAR recommends that REALTORS®:
· Using existing programs as a resource, help consumers navigate the complete home buying process and find fair and affordable financing, and
· Refer consumers to financial literacy information (including how to avoid predatory lending).
Anti-predatory lending and home buying 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.
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