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National Credit Union
Administration 1775 Duke Street Alexandria, VA 22314-3428 Phone: (703) 518-6330 Web Address: http://www.ncua.gov/ |
FOR IMMEDIATE RELEASE |
Johnson Encourages Good Mortgage Habits During Consumer Protection WeekMarch 3, 2008, Alexandria, Va - National Credit Union Administration Chairman JoAnn Johnson used President George W. Bush’s designation of March 2, 2008 through March 8, 2008 as National Consumer Protection Week to highlighted important factors consumers should consider when considering a mortgage. “As a member of President Bush’s Financial Literacy and Education Commission, I understand it is crucial that consumers are empowered with useful and understandable information when making financial decisions, particularly involving the purchasing of a home,” said Chairman Johnson. “While mortgages are important financial instruments that help extend the American dream of homeownership to consumers, they can include terms and conditions that consumers must understand to protect themselves against hidden costs, and burdensome or confusing provisions.” Chairman Johnson outlined several responsible mortgage habits:
Johnson noted that "financial education is an important step in helping consumers navigate the complex mortgage lending market. I encourage credit unions to continue proactive efforts to inform their members about these issues.” For more information about mortgage advice, visit http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt023.shtm. In addition, to learn more about how to avoid fraud visit the Federal Government's consumer protection website, www.consumer.gov . The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of nearly 85 million account holders in all federal credit unions and most state-chartered credit unions. NCUA is funded by credit unions, not tax dollars. |