SPANISH-LANGUAGE CONSUMER RESOURCES ON VEHICLE LEASING AND HOME MORTGAGES.

The Federal Reserve Board on March 8, 2001, announced two new Internet resources for Spanish-speaking consumers.

Consejos para arrendar un vehiculo: Guia del consumidor (Keys to Vehicle Leasing: A Consumer Guide) at www.federalreserve.gov/pubs/leasing/ guide_spanish.htm. The site provides an overview of the most common type of vehicle lease used by the automotive industry, a closed-end lease. The four key messages of the consumer guide are the following:

* Arrendar un vehiculo es distinto a comprarlo. (Leasing is different from buying.)

* Considere los costos al inicio, durante y al final del contrato de arrendamiento. (Consider beginning, middle, and end-of-lease costs.)

* Se puede comparar distintas ofertas de arrendamiento y negociar algunas de las condiciones. (Compare different lease offers and negotiate terms.)

* Conozca sus derechos y responsabilidades. (Know your rights and responsibilities.)

A sample consumer leasing form (muestra del formulario de arrendamiento para el consumidor) is included so consumers can become more familiar with the documents they will receive when leasing a vehicle. An English-language version of the same material is available at www.federalreserve.gov/pubs/ leasing/guide.htm.

Buscando la hipoteca mas favorable: Compare, Verifique, Negocie (Looking for the Best Mortgage: Shop, Compare, Negotiate) is available at www. federalreserve.gov/pubs/mortgage/mortb_1_spanish. htm. The site describes how comparing and negotiating interest rates, fees, and other payment terms may help consumers get the best financing and possibly save thousands of dollars, whether the purpose is for a home purchase, refinancing, or home equity loan. The site outlines key steps to take in the mortgage-shopping process:

* Obtenga informacion de varias fuentes de credito. (Obtain information from several lenders.)

* Obtenga toda la informacion sobre los costos. (Obtain all important cost information.)

* Negocie el trato mas favorable. (Negotiate for the best deal.)

A mortgage-shopping worksheet (hoja de calculo para prestamos hipotecarios) helps consumers compare different loans and different lenders to obtain the best deal.

An English-language version of the material is available at www.federalreserve.gov/pubs/mortgage/ mortb_1.htm.

Print copies of both the Spanish and English versions of Consejos para arrendar un vehiculo: Guia del consumidor (Keys to Vehicle Leasing: A Consumer Guide) and Buscando la hipoteca mas favorable: Compare, Verifique, Negocie (Looking for the Best Mortgage: Shop, Compare, Negotiate) are available by contacting the Federal Reserve Board, Publications Services, Mail Stop 127, Washington, DC 20551. Or phone [phone]. The first 100 copies are free of charge.

In conjunction, the Federal Interagency Task Force on Fair Lending has also published in brochure form the Spanish-language version of Looking for the Best Mortgage: Shop, Compare, Negotiate (Buscando la hipoteca mas favorable: Compare, Verifique, Negocie).

The brochure notes that lenders and brokers may offer different prices for the same loan to different consumers, even if consumers have the same credit qualifications. These different prices may result when loan officers and brokers are allowed to keep some or all of the difference between the lowest available price and any higher price that the consumer agrees to pay. The effect of this type of compensation arrangement on the price of the loan is just one reason why it is important for consumers to ask questions about costs and negotiate for the best deal. The brochure also contains a worksheet that consumers can use to compare costs while shopping. The worksheet lists commonly charged fees and closing costs, as well as useful questions consumers may ask lenders when they shop for a loan.

The publication outlines common sources for home loans and explains rates, points, and fees. The brochure highlights some of the laws that protect consumers from unfair lending practices. It also emphasizes that even consumers with past credit problems should shop around and negotiate for the best deal. Finally, the brochure includes a mortgage loan shopping form that consumers can use to record loan quotes from two or more lenders or brokers for later data comparison to help identify or negotiate the best deal.

The members of the interagency task force are the Department of Housing and Urban Development, Department of Justice, Federal Deposit Insurance Corporation, Federal Housing Finance Board, Federal Reserve Board, Federal Trade Commission, National Credit Union Administration, Office of Federal Housing Enterprise Oversight, Office of the Comptroller of the Currency, and Office of Thrift Supervision.

Single printed copies of the brochure are available free of charge upon request from the member agencies. The brochure can also be printed from the U.S. Consumer Gateway web site (http:// www.consumer.gov) and from the following agency web sites:

* Department of Housing and Urban Development (HUD): http://www.hud.gov. Or call HUD at 800-767-7468.

* Department of Justice: http://www.usdoj.gov/crt/ housing/hcehome.html. Or contact Jane Dyer, U.S. Department of Justice, Civil Rights Division, Housing and Civil Enforcement Section, P.O. Box 65998, Washington, DC 20035. Phone: [phone].

* Federal Deposit Insurance Corporation (FDIC): http://www.fdic.gov/publish/coaffpr.html. Or contact the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434. Phone: [phone] or 202-416-6940.

* Federal Housing Finance Board (FHFB): http:// www.fhfb.gov. Or contact the FHFB, 1777 F Street, Washington, DC 20006. Or phone Roberta Youmans: 202-408-2581.

* Federal Trade Commission (FTC): http:// www.ftc.gov. Or write to the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Avenue, NW, Washington, DC 20580. Or phone 877-FTC-HELP (877-382-4357, toll-free); TDD for the hearing impaired: 202-326-2502.

* National Credit Union Administration (NCUA): http://www.ncua.gov. Or contact Bob Loftus, Director of Public Affairs, NCUA, 1775 Duke Street, Alexandria, VA 22314. Phone: [phone].

* Office of Federal Housing Enterprise Oversight: http://www.ofheo.gov, under "Public Documents." Or contact Stefanie Mullin, Deputy Associate Director for Public Affairs, 700 G Street, NW, Washington, DC 20552. Phone: [phone].

* Office of the Comptroller of the Currency (OCC): http://www.occ.treas.gov. Or contact the OCC, Communications, Mail Stop 3-2, 250 E Street, SW, Washington, DC 20219. Phone: [phone].

* Office of Thrift Supervision (OTS): http:// www.ots.treas.gov. Or contact OTS, Publications, 1700 G Street, NW, Washington, DC 20552. Phone: [phone] (OTS Publications Hotline).

* Federal Consumer Information Center (FCIC): http://www.pueblo.gsa.gov. Print copies of the brochure are also available at 50 cents per copy; write to the FCIC, Pueblo, CO 81009.