NAR Launches Anti-Predatory Campaign

The National Association of Realtors has launched a consumer education campaign that it says will help consumers avoid the pitfalls of predatory lending practices.The NAR said the policy approved May 14 by its board of directors is aimed at developing standards that recognize the valid uses of subprime loans while combating abusive lending practices. "Realtors are the first stop for consumers in the real estate transaction, and we're taking a strong stance against the practice by some unconscionable lenders to trap consumers into toxic loans that benefit the lender and not the consumer," said NAR president Al Mansell, chief executive officer of Coldwell Banker Residential Brokerage, Salt Lake City. "Homebuyers should get themselves prequalified for fair and affordable financing, and Realtors can educate them on the consequences of some subprime loans that work against the homebuyers' best interests." The NAR can be found online at http://www.realtor.org.