A new group devoted to fair mortgage lending practices is launching an initiative that includes some major credit union players.
The Fair Mortgage Collaborative is a consortium of lenders, foundations and advocacy organizations that include the National Federation of Community Development Credit Unions, the $8.7 billion Boeing Employees Credit Union and its mortgage CUSO, Prime Alliance.
The group said it hopes to attract "members that are individually and collectively committed to providing low and moderate income and minority homeowners and homebuyers access to mortgages with the consumers' best interests at its heart, at a fair rate of compensation."
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A 9 a.m., Wednesday morning press conference at the National Council of La Raza's Washington headquarters will introduce FMC and its official lender certification program. The press event will feature families telling stories about their positive experiences with FMC-approved lenders.
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