ABA in Joint Effort To Educate Consumers

The American Bankers Association has announced a collaboration with two other groups that will seek to deliver thousands of qualified low-income and minority mortgage applicants to lenders across the country.

The program will be conducted with Neighborhood Reinvestment Corp. and the National Foundation for Consumer Credit.

Neighborhood Reinvestment is a federally chartered nonprofit company headed by Comptroller of the Currency Eugene A. Ludwig, while the foundation is a nonprofit organization that provides credit counseling.

The coalition has developed a series of five workbooks, each of which will be used in two-hour consumer education seminars across the country.

"It's clear to me that preapplication and post-purchase customer education contributes significantly to the success of these programs," Mr. Ludwig said Monday in announcing the plan at the ABA's convention in San Francisco.