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National Consumers League Launches MortgageTown
Salida buena vista chaffee county collegiate peaks arkansas valley san luis valley real estate colorado
Salida - Buena Vista - Chaffee County - Collegiate Peaks area - Arkansas Valley - San Luis Valley
WASHINGTON, April 2, 2008, 2008 /PRNewswire-USNewswire via COMTEX/ -- New Web Site
Helps Prospective Homeowners Avoid Predatory Lenders, Fraud, and Foreclosure

Consumers concerned about financing a new home in today's uncertain housing market
should start with a trip to MortgageTown, a new Web site (www.mortgagetown.org) launched
today by the National Consumers League to help prospective buyers better understand the
benefits and risks of homeownership.

"Many consumers are understandably confused about the mortgage process and what it
takes to buy - and keep - a home," said Sally Greenberg, Executive Director of the National
Consumers League (NCL: 13.14, +0.04, +0.30%). "MortgageTown is a user-friendly and
reliable resource where consumers can become better versed in the process of getting a
mortgage and what pitfalls to avoid as they head down that road. With millions of
homeowners rightfully concerned about predatory lenders, fraud, and foreclosure, it's
critically important that both current and future homeowners are educated, prepared, and
protected."

MortgageTown walks consumers through nine essential steps to financing a home. Aspiring
homeowners learn how to choose the right loan, close on a home, protect themselves from
fraud and predatory lenders, and prevent foreclosure. In addition to translating certain
technical real estate jargon into consumer-friendly language, MortgageTown also provides
direct Web links to credible sources that can help to explain inspection, closing, fraud
prevention, loan options, and many other important aspects of home financing. The site also
provides access to a national database where homeowners can find and track the identity of
the mortgage company servicing their loan.

Mortgage Town also is a place for homeowners facing the prospect of foreclosure.

"The most pressing question for homeowners going through foreclosure is who to go to for
help in working out their payments in order to keep their home," Greenberg said. "There is
only one entity who can work out a plan for them and that is the mortgage company handling
their loan. Homeowners may be able to prevent foreclosure by contacting their mortgage
company early and working out a plan. This site provides a quick and free way to find out the
identity of their mortgage company through MERS(R: 62.66, +1.37, +2.23%) ServicerID."

About the National Consumers League

The National Consumers League, founded in 1899, is America's pioneer consumer
organization. Our mission is to protect and promote social and economic justice for
consumers and workers in the United States and abroad. For more information, visit
www.nclnet.org. NCL's new Mortgage Town site (www.mortgagetown.org) was made possible
by an unrestricted educational grant from MERS, a service of the mortgage banking industry
created to simplify the way mortgage ownership and servicing rights are originated, sold and
tracked.

SOURCE National Consumers League
Understanding Buyer's Agency
Understanding Title Insurance