Freddie Mac Launches "Don't Borrow Trouble"T

SACRAMENTO, Calif. – Freddie Mac was joined by the City of Sacramento and the Home Counseling Center on Feb. 18 for the kickoff of a new public education campaign aimed at preventing predatory lending and other financial abuses in Northern California. Speaking at a press conference at the launching, Freddie Mac VP of Expanding Markets Craig Nickerson said predatory lending practices attack the heart of our communities. These practices can strip away home equity and trap unwary borrowers in a dismal cycle that ultimately replaces homeowners with foreclosure. Nickerson said Don’t Borrow Trouble is a proven method to help stop predatory lending and to keep families in their homes, building wealth and strengthening communities. The “Don’t Borrow TroubleT campaign is a multimedia strategy aimed at low- and moderate-income families who are vulnerable to predatory lending. Advertisements have already begun on Regional Transit buses and Sacramento radio stations encouraging consumers to call the Northern California Don’t Borrow Trouble help line. Freddie Mac says it’s hoped that consumers will use these resources for advice before they get into financial difficulty when buying a home, refinancing, consolidating debt or taking out a home equity loan.