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The FDIC estimates that borrowers lost $25 billion annually from predatory lending over the past decade. The Center for Responsible Lending asserts that the new financial reform legislation potentially holds many benefits for consumers but that the most important benefit of all – the right to a fair deal in the mortgage marketplace – remains missing… |
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The valuable lesson here is that nobody requires mortgage lenders to give consumers the fairest and cheapest loans available. More importantly, many consumers do not realize that lenders are under no obligation to look out for your best interests. What consumers do believe is that they are protected by consumer protection laws. This is not the case. Unfortunately, lenders know that laws and regulations do not require them to provide you with the best priced product based on eligibility. Even the most educated consumer, no matter how daunting the mortgage process, can’t know the detrimental consequences of making mistakes. Worse, many consumers do not have the knowledge to know that what they’re getting is the best they might be eligible for. We at the Fair Mortgage Collaborative, a non-profit funded by the Ford Foundation, have been working since 2008 to make mortgages safe for consumers. We are here to help you cut through the confusion and be a better mortgage shopper. We were formed by lending advocacy groups, academics and foundations, and our sole goal is to provide you, the borrower, with the tools you need to find a safe and fair mortgage. There are four major questions that come to mind when thinking about obtaining a mortgage loan:
On this website, we will provide you with basic information and point you to websites that go deeply into answering all the questions that you may have. The purpose of this website is to help take the fear out of getting a mortgage loan and help you become a successful homeowner. We have provided links to trusted websites on various topics. You can just click the links to go to the sites and easily navigate back to us. We constantly monitor and update these links to make sure that you the consumer get the best, clearest and most up to date material available. We also want you to know that the Fair Mortgage Collaborative is not funded by anyone who provides mortgages or financing. We have no financial interest in what mortgage you choose. We are funded by foundations and advocacy groups who are working hard to make mortgages fair and safe for everyone. Please feel free to contact us by email if you should need additional information and to provide feedback on the items contained in this informational website. We look forward to hearing from you! Email us at feedback@fairmortgage.org |
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