Financial Literacy for Homeowners Act - Authorizes the Secretary of the Treasury to make grants to state and local governments and nonprofit organizations to implement anti-predatory lending activities, including: (1) consumer education programs; (2) certified home ownership counseling programs; and (3) referral services for homeowners and prospective homeowners.
Directs the Secretary provide for establishment, operation, and publication of a nationwide toll-free telephone number to receive consumer complaints regarding predatory and unscrupulous lending practices relating to home loans.
Establishes the Predatory Lending Advisory Council to: (1) advise the Secretary; and (2) study and report to the Secretary and Congress on the root causes of default and foreclosure of home loans.