Industry NewsMortgage

Group certifies ‘fair and safe’ lenders

Fair Mortgage Collaborative launching today

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A group of mortgage lenders, nonprofit foundations and advocacy groups will certify mortgage lenders as "fair and safe" in their dealings with consumers when they agree to follow the group's standards, which limit or prohibit many types of loans popular during the housing boom.The Fair Mortgage Collaborative officially launches today with backing from high-profile groups like the Ford Foundation and the National Council of La Raza. The group's mission: to offer low- and moderate-income and minority homeowners an alternative to predatory lenders by providing "mortgages with the consumers' best interests at heart, at a fair rate of compensation."So far, there are no household names among the Fair Mortgage Collaborative's participating lending organizations, which include the Boeing Employees Credit Union, the Federation of Community Development Credit Unions, the Federation of Appalachian Housing Enterprises Inc., Mortgage Grader and Clearinghouse Community Developmen...