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.