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WASHINGTON – Freddie Mac, along with Congresswoman Anne Northup (R-Ky.) and a Metro Louisville coalition launched an aggressive Don’t Borrow Trouble program to eradicate predatory lending in the metro area. First piloted in Boston, Mass. by Mayor Thomas Menino and the Massachusetts Community & Banking Council, Freddie Mac has expanded the Don’t Borrow Trouble program throughout the country. The program combines an extensive public education campaign with comprehensive counseling services to help families avoid scams and resolve financial difficulties in an informed way. The Don’t Borrow Trouble Louisville Metro Coalition initiative will use a variety of methods such as brochures, mailings, billboards, public service announcements, transit ads and television commercials to inform the public on financial issues. Consumers with questions about loans they’re considering taking out or who need assistance with loans they already have can call into a hotline number for assistance – (502) 736-9999. Louisville Mayor Jerry Abramson applauded the initiative and pledged his full support. Agencies that practice predatory lending are not welcome in our city, he said. The goals of the Don’t Borrow Trouble program are: * reduce and ultimately eliminate predatory lending practices in Metro Louisville; * educate borrowers about the dangers of predatory lending and provide them with helpful resources; * coordinate access to homebuyer assistance programs offered by initiative partners; * promote the importance of good financial management and avoiding credit/debt problems; and * promote the importance of buying homes that the consumer can afford, ultimately reducing high foreclosure loans.

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