An outgrowth of the nation's amended fair credit rights law has cut through the bureaucratic red tape to put much of the federal government's residential real estate information all in one place on the Internet.

The unassuming, straight forward financial information website, MyMoney.Gov offers information on everything from credit issues and budget management to savings and retirement plans and recognizes the most common financial issues associated with buying and owning a home by devoting a full section to the topic.

The website misses some of the peripheral financial issues associated with home ownership, but it does hit the mark with the information it offers.

When the Federal Trade Commission's new Fair and Accurate Credit Transactions Act (FACTA) was enacted Dec. 4, 2003 to amend the Fair Credit Reporting Act (FCRA) to offer consumers free credit reports, greater identity theft and fraud protection, and other protections, it also created the U. S. Treasury Department's Financial Literacy and Education Commission.

The commission, which includes representatives from 20 federal agencies, recognizes the power of education when it comes to financial matters and is charged with improving the financial literacy and education of the nation's consumers.

Studies have revealed, for example, that consumers who participate in home ownership classes, workshops, seminars and the like are much better equipped to own and keep a home.

Most consumers, however, don't have the kind of financial literacy necessary to compare and contrast mortgages and other financial transactions associated with home ownership.

Researchers are also concerned that existing financial education programs lack uniformity that makes it difficult to gauge the effectiveness of existing financial education programs and determine what, if any, changes are necessary.

"We've made progress, but there's a long way to go to in establishing a scientific approach to financial education," Stephen Brobeck, the executive director of the Consumer Federation of America recently told American Banker.

Also interviewed by American Banker, William Anthes, the president and chief executive of the National Endowment for Financial Education, said the study of consumer financial illiteracy is in its infancy.

"Intuitively we would have to reason that (increased educational) materials are making a positive impact," he said. "One of the areas where attention will be shifting is measurement of impact."

To reach the widest number of people possible, the new commission published the website, MyMoney.Gov and opened a toll-free telephone hot line 1-888-MYMONEY (888-696-6639) to coordinate the presentation of educational materials from federal agencies that handle financial issues and markets.

MyMoney's Home Ownership Section focuses largely on information about financing the home purchase with extensive links to information about comparing mortgages, the many types of first mortgages, equity loans, private mortgage insurance, even mortgage servicing, home improvements, first-home buying steps, choosing a real estate agent, home inspections, appraisals and even power utility credit -- a little known service available to consumers.

The websites's home ownership information is largely presented via a series of links. For example, you'll be sent to the U.S. Department of Housing and Urban Affairs' website for basic home buying information, the Federal Trade Commission's website hosts the utility credit background information and the Federal Reserve serves up schooling on equity lines of credit.

MyMoney also offers information on financial planning, funding education, privacy, fraud, financial emergencies, retirement planning, saving and investing, even starting a small business.

You can also order a free "My Money Tool Kit" program to use off line for saving, investing, protecting and getting the most for your money.

You'll have to go to a separate credit area to get information on that subject as it applies to home ownership and the website has at least three other major shortcomings.

There doesn't appear to be any information about selling a home -- which has it's own special financial concerns. There is no on-site search feature, which is crucial for any website offering such a vast cache of information.

Also, the site appears to be void of any tax information, especially as it relates to home buying, owning and selling. One of the primary reasons for buying a home is the tax benefits available when you buy, as you own and when it's time to sell.

For home owners, the Taxpayer Relief Act of 1997 which excludes up to a half million dollars in capital gains from taxes, has been one of the nation's most far-reaching tax reforms. The law has been credited with a boom in the home ownership rate and major wealth gains enjoyed by consumers, in both cases since it was enacted seven years ago.

It's an unacceptable shortcoming of an otherwise useful website with a bounty of information.

Published: November 4, 2004

Use of this article without permission is a violation of federal copyright laws.

Broderick Perkins parlayed a career in old-school journalism into a contemporary digital news service that really hits home. The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services. The DeadlineNews Group includes the website, DeadlineNews.com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home. Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News. Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake. He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications. In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for Nolo's Essential Guide To Buying Your First Home, Nolo, and writes real estate television scripts for RealtyTimes.com.