The National Advisory Council has released national standards for consumer homeownership education and counseling that it says would help prevent a repeat of today's wave of foreclosures if widely adopted.The council said the standards are the product of a two-year development process led by industry stakeholders. It is "the first time that representatives from all corners of the housing industry have reached agreement on a set of benchmarks for the delivery of quality education and counseling to consumers across the nation," the council said. A 23-member National Homeownership Industry Standards Advisory Council that includes the Federal Reserve System, the Department of Housing and Urban Development, Fannie Mae, Freddie Mac, and Countrywide Financial Corp. has been established in connection with the new standards. Other members include NeighborWorks America, Bank of America, Chase, Citi, Wells Fargo, and the National Association of Realtors. A description of the National Industry Standards for Homeownership Education and Counseling can be found online at http://www.homeownershipstandards.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry