From the March-20, 2002 issue of Credit Union Times Magazine • Subscribe!
MBAA launches consumer education campaign
<p>WASHINGTON - The Mortgage Bankers Association of America kicked off "Stop Mortgage Fraud," a consumer education campaign last week designed to help consumers avoid becoming victims of predatory lending. The nationwide campaign is part of the MBAA's three-pronged approach to tackling the predatory lending problem. The other two components are enforcement of current laws against predatory lenders, and reform and simplification of the mortgage transaction. Stop Mortgage Fraud includes a list of borrowers' rights during the mortgage transaction, a list of common predatory lending warning signs and information about where to report suspected predatory lending activities. Borrowers can either visit the MBAA's Web site - www.mbaa.org - or call (800) 348-3931 to learn how to file a complaint. The MBAA said it plans to have a Spanish version of the campaign available in several months.</p>