Protect Yourself
Loan Fraud and Predatory Lending
Are You Having Problems Paying Your Mortgage?

Questions about Amendment 1?
The Florida Department of Revenue (DOR) is the best source for up-to-date information, including documents and forms related to portability, the additional homestead exemption and the tangible personal property tax exemption. Here’s a quick overview:
Increased homestead exemption. Homeowners will receive automatically. No action is necessary.

Portability is retroactive to Jan. 1, 2007. Clients who sold their homestead last year and bought a new home that qualifies as a homestead as of Jan. 1, 2008, must apply by March 1, 2008, to their county property appraiser to transfer their Save Our Homes benefit. A portability application form is available from the DOR Web site.

$25,000 exemption for tangible personal property. This tax applies to businesses and certain owners of mobile homes. It does not apply to homestead property. In order to receive the exemption, taxpayers subject to the tax must file a tangible personal property return with their property appraiser by April 1, 2008.

10% annual assessment cap for non-homestead property. The 10% cap does not apply until next year. No action is necessary in 2008.

http://dor.myflorida.com/dor/ (Link for Florida Dept. of Revenue)
http://dor.myflorida.com/dor/property/appraisers.html (Link for County Appriaser’s Office)

Loan Fraud and Predatory Lending

Understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud.

Tips On Being A Smart Consumer 139020-smalltresize

Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit. For counseling agencies go here.
Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home.
Get information about the prices of other homes in the neighborhood. Don't be fooled into paying too much.
Hire a properly qualified and licensed home inspector to carefully inspect the property before you are obligated to buy. Determine whether you or the seller is going to be responsible for paying for the repairs. If you have to pay for the repairs, determine whether or not you can afford to make them.
Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender.
Do NOT let anyone persuade you to make a false statement on your loan application, such as overstating your income, the source of your downpayment, failing to disclose the nature and amount of your debts, or even how long you have been employed. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties.
Do NOT let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.
Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" (i.e., not applicable) or cross through any blanks.
Read everything carefully and ask questions. Do not sign anything that you don't understand. Before signing, have your contract and loan agreement reviewed by an attorney skilled in real estate law, consult with a trusted real estate professional or ask for help from a housing counselor with a HUD-approved agency. If you cannot afford an attorney, take your documents to the HUD-approved housing counseling agency near you to find out if they will review the documents or can refer you to an attorney who will help you for free or at low cost.
Be suspicious when the cost of a home improvement goes up if you don't accept the contractor's financing.
Be honest about your intention to occupy the house. Stating that you plan to live there when, in fact, you are not (because you intend to rent the house to someone else or fix it up and resell it) violates federal law and is a crime.

What is Predatory Lending?

In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:

Sell properties for much more than they are worth using false appraisals.
Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan.
Knowingly lend more money than a borrower can afford to repay.
Charge high interest rates to borrowers based on their race or national origin and not on their credit history.
Charge fees for unnecessary or nonexistent products and services.
Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.
Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems.
"Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower.
Use high pressure sales tactics to sell home improvements and then finance them at high interest rates.

What Tactics Do Predators Use?

A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.
The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.
You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.
You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.
The cost or loan terms at closing are not what you agreed to.
You are told that refinancing can solve your credit or money problems.
You are told that you can only get a good deal on a home improvement if you finance it with a particular lender.

Remember:
If a deal to buy, repair or refinance a house sounds too good to be true, it usually is!
Housing counselors working at HUD-approved agencies can help you be a smart consumer. To find a counselor near you, call (800) 569-4287 or go to HUD's housing counselors list online.

Source: U.S. Department of Housing and Urban Development
451 7th Street S.W., Washington, DC 20410
Telephone: (202) 708-1112 TTY: (202) 708-1455
www.hud.gov/
Find the address of a HUD office near you

United States legislation combating predatory lending

Many laws at both the Federal and state government level are aimed at preventing predatory lending. Although not specifically anti-predatory in nature, the Federal Truth in Lending Act requires certain disclosures of APR and loan terms. Also, in 1994 section 32 of the Truth in Lending Act, entitled the Home Ownership and Equity Protection Act of 1994, was created. This law is devoted to identifying certain high-cost, potentially predatory mortgage loans and reining in their terms. Twenty-four states have passed anti-predatory lending laws. Arkansas, Georgia, Illinois, Massachusetts, North Carolina, New York, New Jersey, New Mexico and South Carolina are among those states considered to have the strongest laws. Other states with predatory lending laws include: California, Colorado, Connecticut, Florida, Kentucky, Maine, Maryland, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Texas, Utah, Wisconsin, and West Virginia. These laws usually describe one or more classes of "high-cost" or "covered" loans, which are defined by the fees charged to the borrower at origination or the APR. While lenders are not prohibited from making "high-cost" or "covered" loans, a number of additional restrictions are placed on these loans, and the penalties for noncompliance can be substantial. Research has found ambiguous results of such legislation, including finding that high-cost mortgage applications can possibly rise after adoption of laws against predatory lending.

PROTECT YOURSELF
CONSUMER PROTECTION TIPS FOR HOME BUYERS AND SELLERS
Home Buyers
Home Sellers Back to Top

HOME BUYERS
· Check your credit report for accuracy and completeness.
Buyers with inaccurate information on their credit report may have a hard time obtaining financing, or be offered loans at higher-than-market interest rates. The Fair Credit Reporting Act gives consumers the right to a free credit report from each of the three nationwide credit reporting companies every 12 months. Visit https://www.annualcreditreport.com to request a report.

· Use the Internet wisely.
Many buyers use the Internet to research mortgage lenders. Be careful when sharing financial or other personal information over the Web – predators can steal this data and the user’s identity. Realtors® can refer buyers to reputable, reliable lenders.

· Educate yourself about mortgages and mortgage fraud.
Many mortgage products are available in today’s market, but not all of them work for all buyers. NAR warns consumers against exotic loans and predatory lending practices that can poison the home buying process and trap unsuspecting borrowers into years of financial hardship.

According to Fannie Mae, mortgage fraud has increased five-fold in the past 10 years. Unsuspecting home buyers who aren’t familiar with an area’s property values can be victimized by scam artists who have bought a property at a bargain-basement price and have made minor cosmetic changes to sell the home for much more than it’s worth. People with blemished credit can also fall prey to unscrupulous individuals who pose as real estate agents or mortgage brokers, offering promises of a new home and mortgage qualification. These buyers end up assuming a loan they can’t afford, and the lender forecloses.

To protect yourself, work with a Realtor® who knows the local market, and check his or her credentials with the Realtor® board or association in your area.

· Hire the right real estate professional for the job.
When you’re buying a home, would you know what to do if your financing fell through the day before closing, your home inspection found a termite infestation, or your future neighbors had just built a wall on your property?

As a buyer, you want someone who knows the market and who has experience handling the particular needs of home buyers, whether it’s identifying homes and neighborhoods, negotiating for the best deal, or coordinating the 20+ steps between contract acceptance and closing.

Realtors® who have earned the Accredited Buyer Representative (ABR) designation have demonstrated their commitment to and expertise in serving home buyers. To earn the ABR designation, Realtors® must successfully complete a two-day designation course that covers agency, service delivery, marketing and promotion, and negotiation and risk management; take an approved elective course, such as buyer representation in new homes, second homes, or relocation; and have completed five transactions in which he or she acted solely as a buyer representative.

Some real estate professionals offer rebates or may work on a fee-for-service basis, in which buyers may be responsible for their own property searches, negotiating strategies, or other tasks. These different business models give consumers a degree of choice in deciding how they want to work with their real estate professional. Just make certain you know what services are provided and what you can expect from the business relationship.

Remember that you’re not just buying a home; you’re investing in your future.

HOME SELLERS
· Know your home’s value.
Beware of companies offering to buy your home to save you the “hassle” of putting it on the market – these companies often profit at the seller’s expense. Ask several Realtors® in your area for a comparative market analysis, or CMA. These real estate professionals will analyze recent sales and market conditions to provide a realistic assessment of your home’s value, and can suggest strategies for the best sale.

· Protect yourself and your home.
Don’t allow random passersby into your home unescorted. A serious buyer will be working with a real estate professional or should be willing to contact your agent to schedule an appointment. Lock valuables away before an open house – the agent onsite will be monitoring traffic, but it’s impossible to be everywhere at all times.

· Understand the purchase contract.
A Realtor® can help evaluate purchase offers and advise you on counteroffers and contract acceptance. It is important to know how contingencies such as appraisal, financing and inspections will affect the transaction, and understand their implications for you as the seller. Remember, a high price offer is worthless if the buyer never makes it to the settlement table.

· Hire the right real estate professional for the job.
Relying on the experience of a real estate agent makes financial sense. An NAR survey of recent home buyers and sellers found that the median home price for sellers who use a real estate agent is 16 percent higher than a home sold directly by an owner; $230,000 vs. $198,200.

Today, home sellers can choose from nearly 80,000 real estate brokerages and more than 1.2 million Realtors® with a number of different business models, including full service, fee-for-service, and discount brokerage.

Full service brokerage is just that – agents handle all aspects of the transaction, including marketing the home, qualifying buyers, negotiating offers, and coordinating settlement.

Discount brokers typically offer a reduced package of services at a lower cost to the seller. This may be a good choice for experienced sellers or those who do not need to sell immediately – a recent study by Pennsylvania State’s Smeal College of Business and the University of Texas at San Antonio found that homes listed by discount brokers are 12 percent less likely to sell than those listed by full service brokers.

The fee-for-service business model offers consumers a variety of services for specific fees. Major facets of the buying or selling transaction, such as competitive market analysis, counseling and negotiations, are separated.

NAR encourages innovation and competition, and recommends that home sellers interview at least three Realtors® to evaluate their qualifications and fit. Examine each professional’s level of experience and service, ask for referrals and talk to past clients. Don’t make an agent’s commission the sole deciding factor – you wouldn’t put your life in the hands of a doctor because he or she had the lowest fee; why would you want to do that with your largest financial investment?

HOW TO CHOOSE A REAL ESTATE PROFESSIONAL
The recent real estate boom has encouraged an explosion of real estate licensees. But getting a license and succeeding as a professional in the industry are two very different things. To find a true real estate professional – one who will represent your interests and provide valuable insight and advice regarding what is likely your biggest investment – follow these steps.

· Do your research.
Drive around your neighborhood or the area you’d like to live in, and make note of the active real estate agents in the area. Call local brokerages for agent recommendations, and specify whether you are buying or selling a home.

· Ask trusted friends and relatives for referrals.
According to the 2005 National Association of Realtors® Profile of Home Buyers and Sellers, 44 percent of all recent buyers were referred to their real estate agent through a friend, neighbor, or relative.

· Interview at least three agents.
Ask each about their business approach and philosophy (do they offer full service, or will you have to assume some responsibilities in the transaction); experience; designations and advanced training; and referral network (home inspectors, lenders, contractors, etc.). Home sellers should also ask about the number of homes sold in the past year, length of time on market, average sales price in relation to asking price, and the agent’s marketing plan.

· Make sure your agent is a Realtor®.
A Realtor® is a licensed real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics, which obligates Realtors® to be honest with all parties involved in a transaction, whether it is the buyer, seller, or cooperating agent.

Realtors® also have access to educational opportunities and training in real estate specialties that are not available to other licensees. This includes accredited subspecialties such as buyer’s representation (ABR), residential real estate expertise (CRS), or Internet readiness (e-PRO).

Through membership in NAR’s affiliated institutes, societies, and councils, Realtors® devote themselves to continuous study of the most recent trends in their fields to stay abreast of industry developments in their specialized areas and better address industry issues.

A real estate licensee has passed an exam; Realtors® are real professionals.

Source: FROM THE NATIONAL ASSOCIATION OF REALTORS® Back to Top

Are You Having Problems Paying Your Mortgage?
Learn How to Avoid Foreclosure and

Keep Your Home

Center for Responsible Lending NeighborWorks® America

National Association of REALTORS®

YOU’RE NOT ALONE IF YOU’RE HAVING TROUBLE PAYING YOUR MORTGAGE

The housing boom led to a record homeownership rate of nearly 70 percent, but some homeowners now face problems making their mortgage payments and can’t refinance their loans. Over the last few years, lenders invented new types of mortgages to help families buy their first homes and refinance their existing mortgages. Many of these mortgages helped families without cash for a down payment, or with less-than-perfect credit, qualify for loans known as “subprime” loans. Subprime loans have a higher interest rate and higher costs, such as prepayment penalties. A very popular, widely available mortgage product is the hybrid adjustable rate mortgage (ARM). Hybrid ARMs have an initial period with a lower interest rate (“teaser rate”) followed by significant increases over the remainder of the loan. The hefty payment increase is often called “payment shock” because the borrower is surprised by the size of the increase and can’t afford the new payment. If you are having trouble paying your mortgage for any reason, or expect problems, you should work with experts and your lender to find a solution now. If you fall behind and don’t take action, the lender will foreclose on your home. If that happens, you may lose your home and all of the money you have already invested in it. The sooner you act, the better the chances you will avoid foreclosure. The Center for Responsible Lending estimates that 2.2 million American households with subprime mortgages have lost or will lose their homes as monthly payments rise on high-risk mortgages. These families stand to lose as much as $164 billion of equity in their homes. This brochure will help you understand your options and give you tips on how to avoid losing your home—regardless of what kind of mortgage you have. If you’re in trouble, call 888-995-HOPE

COUNSELING RESOURCES

Non-profit organizations dedicated to helping consumers avoid foreclosure can be invaluable.

• NeighborWorks® organizations work with the Homeownership Preservation Foundation to support a nationwide assistance number—888-995-HOPE. You can speak with a counselor, day or night, to help you get back on track financially. (English and Spanish) • Reputable counseling agencies, such as NeighborWorks® organizations, can help you avoid foreclosure. Look up your nearest NeighborWorks® organization at www.nw.org.
• The U.S. Department of Housing and Urban Development (HUD) website has a list of HUD-approved counseling organizations, by state (www.hud.gov/counseling). We recommend that the list be used as a starting point to find good counselors. You also can call 800-569-4287 or TDD 800-877-8339.
• Watch out for questionable counseling companies who advertise that, for a minimal fee, they will assist homeowners by hiring a lawyer to defend the foreclosure in court or negotiate lender assistance on the borrowers’ behalf. You should call a HUD-approved counseling organization, a local NeighborWorks® organization, or 888-995-HOPE before you pay or sign anything.

MORTGAGES WITH “PAYMENT SHOCK”

Mortgages like these can give you a “payment shock”:
• 2/28 and 3/27 Mortgages. A 2/28 or 3/27 adjustable rate mortgage gives the borrower a fixed payment for the initial two- or three-year period before adjusting the mortgage up as often as every six months. After the initial “teaser rate” period, your mortgage payments typically adjust up every six months.
• Interest-Only Mortgages. An interest-only mortgage lets you pay only the interest on the loan for the first 5 or 10 years and nothing to pay off the loan amount (principal). After the interest-only period, the mortgage requires much higher payments covering both interest and principal that must be repaid over the remaining years of the loan.
• Payment Option Adjustable Rate Mortgages. Payment option mortgages let the borrower decide how much to pay each month. You can even pay less than the interest, and add the unpaid interest to the total amount of principal you owe. Or you can pay just the interest or an amount sufficient to pay off the loan in 15 or 30 years. These mortgages can have an especially big payment shock. Be careful if your mortgage has any of the following features:
• A “teaser rate” or “no interest” period that expires and leads to a big jump in your monthly payment.
• An option to pay less than the full interest due in any given month. Taking that option makes the amount you owe go up instead of down, since the interest you don’t pay is added to your loan balance.
• An adjustable interest rate with very high or no limits on the amount your payment can go up. • A payment that doesn’t include an amount for paying property taxes and homeowners insurance. This means you may be hit with big bills you didn’t expect.

HOW REALTORS® CAN HELP
REALTORS® are in the business of helping people become homeowners and want to do everything they can to make sure you can afford to stay in your home.
• The best and least expensive option will often be working with the current lender (or the “loan servicer” hired by the lender to oversee your loan). Read more about your options on the next page.
• If your current lender isn’t willing or able to help, you may be able to refinance your current mortgage with another lender. REALTORS® can help you find responsible lenders that make fair and affordable loans.
• To address the growing foreclosure problem, especially with subprime loans, some state and local governments and nonprofit organizations are offering financial assistance. Ask your REALTOR® or counselor about who to call.
• Counseling agencies are in the business of helping borrowers like you. Check out Counseling Resources for some ideas.
• Remember, you should shop just as carefully for a mortgage as you do for a car or anything else you buy. Getting the lowest possible rate and fees can save you many thousands of dollars over the life of the loan.
• Sometimes the only option is selling the home. Of course, no one is better at helping a seller than a REALTOR®. It is better to sell than go through foreclosure because it will be easier to qualify for credit in the future and buy another home.

• Be wary of advertisements like “Cash for Houses/Any Situation” or “We Buy Houses for Cash.” Consumer groups have learned that many of these are scams that bait homeowners with the promise of rescuing them from imminent foreclosure. Unfortunately, the “rescue” often involves the borrower signing over the house and the family being evicted from their home.

TALK TO YOUR LENDER
Talking to the lender, or “loan servicer” that collects the payments, should be one of your first steps. The earlier you call, the better your chance to work out a solution. Here are some options: • Forbearance. Lenders may let you make a partial payment, or skip payments, if you have a reasonable plan to catch up. Tell your lender if you expect a tax refund, a bonus, or a new job. • Reinstatement. Reinstatement refers to making a payment that covers all your late payments, usually at the end of a forbearance period. • Repayment Plan. If you can’t afford reinstatement, but can start making payments to catch up, the lender may let you pay an additional amount each month until you are caught up. • Loan Modification. Your lender may agree to amend your mortgage to help you avoid foreclosure. The options include: • Adding all the missed payments to the loan amount and increasing the monthly payment to cover the larger loan. o Giving you more years to pay off the loan, lowering the interest rate, and/or forgiving part of the loan, to lower your monthly payment. • Switching from an adjustable rate mortgage to a fixed rate mortgage, so you aren’t exposed to increases in your monthly payment. • Requiring amounts for taxes and insurance to be included with your monthly mortgage payment so you avoid big bills in addition to your mortgage. • Sign Over the Property to the Lender in Exchange for Debt Forgiveness. This can hurt your credit, but is better than having a foreclosure in your credit history.

WHAT IF THE VALUE OF THE PROPERTY IS LESS THAN THE AMOUNT YOU OWE?

Where the value of the property is less than the mortgage amount, REALTORS® can help explain to the lender why it makes sense to let the homeowner sell the property for the best price and then forgive the remainder of the debt.

• Unfortunately, the amount of debt the lender cancels is treated as income when you file your tax return. • REALTORS® and the Center for Responsible Lending are working for enactment of pending legislation so homeowners aren’t stuck with a tax bill they can’t afford to pay. • Some lenders may require you to sign a promissory note for the difference between the value of the home and the amount owed. Before you sign any documents, please seek the advice of a housing counselor or lawyer.

FIND OUT MORE: QUICK REFERENCES FOR CONSUMERS

To help educate home buyers and homeowners about today's mortgage options, the National Association of REALTORS® (NAR) and the Center for Responsible Lending have produced a series of consumer information brochures. This is the fourth in the series, which also includes:
• How to Avoid Predatory Lending
• Specialty (Nontraditional) Mortgages: What Are the Risks and Advantages?
• Traditional Mortgages: Understanding Your Options NAR also has issued a brochure in partnership with HUD’s Federal Housing Administration:
• FHA Improvements Benefit You

WATCH OUT FOR PREDATORY LENDERS

Here are some warning signs: • Sounds too easy. “Guaranteed approval” or “no income verification” regardless of borrower’s current employment, credit history, and assets. These claims indicate the lender doesn’t care about whether you can afford to make the payments over the long haul.
• Excessive fees. Higher lender and/or mortgage broker fees than are typical in your market. Because these costs can be financed as part of the loan, they are easy to disguise or downplay. On competitive loans, fees may be negotiable. It is common for home buyers to pay only 1 percent of the loan amount for prime loans. By contrast, a typical predatory loan may cost 5 percent or more.
• Large future costs. High-risk adjustable rate mortgages where the payment rises a lot after the “teaser rate” period are seldom appropriate for families who already have had problems repaying other loans. Home buyers should avoid large single “balloon” payments (a lump sum due at the end of the loan’s term).
• Closing delays. The lender delays closing, so your commitment on a reasonably priced loan expires.

• Over-valued property. Inflated appraisals that allow excessive fees to be included in the loan and result in the borrower owing more to the bank than the home is worth.
• Barriers to refinancing. Prepayment penalties that make it hard for a borrower to refinance in order to pay off a high-cost loan by taking advantage of a low-cost loan.
• No down payment loans. These loans may be split into two mortgages, with one having a much higher cost. Home buyers should be sure they can afford the payments.
• Unethical document management. Ethical lenders and brokers always require you to sign key loan papers, and never ask you to sign a blank document or a document dated before the date you sign.

ADDITIONAL RESOURCES
For immediate advice, call 888-995-HOPE to speak to a counselor on how to avoid foreclosure. Available in English and Spanish, 24/7. Or visit www.995hope.org for more information. HUD Resources:
• For a list of HUD-approved counseling agencies, by state, go to www.hud.gov/counseling.
• HUD’s Internet page—“How to Avoid Foreclosure”–is aimed at borrowers with FHA-insured mortgages, but can help other borrowers as well.
Go to www.hud.gov/foreclosure.
Freddie Mac: “Keeping Your Home, Protecting Your Investment.”
Go to www.freddiemac.com and search for this brochure by typing in the full name of the brochure. Ginnie Mae: For a simple calculator to help homebuyers estimate how much they can afford to spend, read “How Much Home Can You Afford?” http://www.GinnieMae.gov. “
Looking for the Best Mortgage” is a brochure issued by 11 federal agencies on how to shop, compare, and negotiate the best deal on a home loan. www.federalreserve.gov/pubs/mortgage/mortb_1.htm. Americans for Fairness in Lending:
To find consumer resources related to a variety of lending issues, go to www.affil.org.

Consumer Handbook on Adjustable Rate Mortgages (the “CHARM” booklet) issued by the Federal Reserve Board (FRB) and the Office of Thrift Supervision (OTS). http://www.FederalReserve.gov. At the FRB site, click on “publications and education resources” and then on “consumer information brochures.”

Credit-reporting agencies:
Equifax (800) 685-1111 www.Equifax.com.
Experian (888) 397-3742 www.Experian.com. TransUnion (800) 916-8800
www.TransUnion.com.
Go to www.AnnualCreditReport.com to ask for a free copy of your credit report, once a year, or call 877.322.8228. See also www.FTC.gov.

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
For more information, visit www.REALTOR.org.
The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices.
CRL is affiliated with Self-Help, one of the nation’s largest community development financial institutions.
For more information, visit www.ResponsibleLending.org.
NeighborWorks® America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. For more information, visit www.NW.org. May 2007 Item # 126-126

Center for Responsible Lending NeighborWorks® America

910 17th Street NW, Suite 500 1325 G St., NW, Suite 800

Washington, DC 20006 Washington, DC 20005

National Association of REALTORS®

500 New Jersey Avenue, NW

Washington, DC 20001