WASHINGTON, May 27, 2004 (U.S. Newswire via COMTEX) The American Bankers Association today announced a campaign to educate consumers about mortgage lending. The campaign, which kicks off in June to mark Homeownership Month, will give consumers tips for navigating the mortgage process — from general credit issues to home equity loans.
“Many Americans dream of owning a home, but the mortgage process can be intimidating,” said Edward L. Yingling, executive vice president ABA. “By educating consumers about the mortgage process, bankers hope to expand homeownership opportunities.”
Throughout June, the ABA will release various tips on the mortgage process so that borrowers fully understand the obligations they undertake when buying a home. These tips are designed to help families achieve the goal of homeownership — especially among communities with lower homeownership rates. In 2002 the U.S. Census Bureau reported that the homeownership rate among African Americans was 47.3 percent and Hispanics was 48.2 percent, compared with white homeownership at nearly 75 percent.
“As interest rates inch higher, many consumers are beginning to flock to the housing market fearing that they will miss out on low rates,” said James Ballentine, director for the Center for Housing, Community and Economic Development. “However, rushing the home-buying process can, in the end, invoke a nightmare rather than a dream.”
The ABA, which supports the Zero Downpayment Act and responsible subprime loans, developed the campaign to help consumers understand the home buying process and avoid borrowing trouble. Each week, the ABA will issue a tip sheet that customers can use at each stage of buying a home.
The ABA brings together all categories of banking institutions to best represent the interests of this rapidly changing industry. Its membership – which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks – makes ABA the largest banking trade association in the country.
Note to reporters: Every Thursday throughout June, Homeownership Month, the ABA will release a weekly tip sheet to help consumers navigate the homebuying process. The tip sheets will be available at http://www.aba.com/Press+Room on the following:
— June 3 – Overall Credit Information
— June 10 – General Tips on Getting a Mortgage
— June 17 – Avoiding Predatory Lending (Video news release also being distributed.)
— June 24 – Home Equity Loans and Farm Lending
Source Citation (MLA 8th Edition) “ABA Launches Homeownership Month Campaign.” US Newswire, 27 May 2004. Infotrac Newsstand, http://link.galegroup.com/apps/doc/A117249142/STND?u=fairfax_main&sid=STND&xid=2768f167. Accessed 24 Mar. 2019.