Sen. Robert Menendez, a member of the Senate Banking Committee, said Wednesday that he plans to introduce a package of bills soon that would enhance transparency in mortgage terms, improve financial literacy, and target loan advertisements' accuracy.
The bills are designed to "ensure homeowners understand and know their mortgage and have access to appropriate counseling services," said a press release from the New Jersey Democrat's office describing the bills.
The financial literacy bill would encompass financial education from elementary school through college and increase access to financial and credit counseling, including help to navigate the mortgage process.
The disclosure legislation would be used to describe how adjustable-rate mortgages fluctuate, and the advertisement bill would increase funding for the Federal Trade Commission to target mortgage advertisements that inaccurately portray loan costs.
