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ANTIPREDATORY LENDING CAMPAIGN ANNOUNCED.

U.S. REPRESENTATIVE JAMES T. WALSH (R-New York) and officials from Freddie Mac; Home Headquarters, Syracuse, New York; the City of Syracuse; and community groups in Syracuse have announced a new metrowide campaign against predatory lending practices called Don't Borrow Trouble. Families living in the Syracuse area can call the Don't Borrow Trouble hotline for expert advice on predatory lending practices through a referral network of city agencies and nonprofit organizations. Don't Borrow Trouble combines advertising and consumer education to alert families to predatory lending practices like exorbitant interest rates, excessive fees or deceitful lending practices. The Syracuse Don't Borrow Trouble campaign also includes an affordable-loan program called HELP (Home Equity Loss Protection), to help low-income homeowners refinance and rehabilitate their properties. Provided by Home Headquarters in partnership with Wells Fargo Home Mortgage, HELP is designed for borrowers vulnerable to predatory lending practices . Pioneered in Boston by Mayor Thomas M. Menino and the Massachusetts Community Banking Council, Don't Borrow Trouble is being expanded nationally by Freddie Mac.
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Title Annotation:Don't Borrow Trouble
Publication:Mortgage Banking
Date:Oct 1, 2001
Words:167
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