NAMB applauds President's Advisory Council on Financial LiteracyMortgagePress.comeconomic and financial perspectives, educating consumers
Group of financial experts to update president on
progress with youth and adults
The National Association of Mortgage
Brokers applauded the formation of the President's Advisory
Council on Financial Literacy. The council, to be made up of 19
members from a diverse range of economic and financial
perspectives, will serve for two years and make recommendations to
the president on how the country can improve the financial literacy
of young people and adults.
NAMB has long advocated for a stronger national commitment to
educating consumers about financial issues and responsible
decision-making.
"We are extremely pleased to see that the White House and the Treasury Department are committed
to giving consumers the information they need to make sound
financial decisions," said NAMB President George Hanzimanolis,
CRMS. "We look forward to working with the members of the council
and helping them in any way we can."
In 2007, NAMB released a consumer brochure on the home buying
process and protecting consumer identity. NAMB also partnered with
Freddie Mac in delivering
the CreditSmart
financial literacy program to consumers throughout the United
States.
The executive order establishing the council tasks the group
with conducting research into the current state of financial
literacy, coordinating public and private sector education efforts,
and providing the president and the Secretary of the Treasury with
periodic updates of its progress.
Last year, NAMB responded to a request for public comments from
the Department of the Treasury, seeking input on how to reach
students starting at the kindergarten level. NAMB's letter stressed
that consumers need to have a substantial base of financial
literacy in order to effectively shop for a mortgage. In light of
current market conditions, financial literacy is also the best tool
available to homeowners to help them avoid foreclosure.
"As we said in our letter to the Treasury Department, we believe
in advancing financial literacy and education for not only our
member originators, but also our customers," said Hanzimanolis.
"The formation of the council represents a major step forward for
both groups."
For more information, visit www.namb.org.
