Don't Borrow Trouble
An outreach and educational campaign to prevent Los Angeles homeowners from entering into bad loans will be launched at a press conference in late June or Early July. The previously scheduled press conference for June 11th has been cancelled.
The campaign, known as "Don't Borrow Trouble" includes a toll-free hotline number, poster, flyers and public service announcements in English and Spanish. The toll-free hotline number will open for business on the day of the press conference and be available to homeowners for referrals to specific counseling, educational and legal service agencies. The hotline number is 1-800-477-5977. A web site is under construction at http://www.dontborrowtrouble.com. Information can also be obtained in the near future at http://www.lacity.org/lahd.
At the press conference, a press kit will be distributed describing the campaign, predatory loan victims will talk about their specific situations and the flyers, posters and public service announcements developed for the campaign will be displayed.
On August 10, 2000, the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, announced its campaign to alert Americans of the dangers of predatory lending through its "Don't Borrow Trouble" campaign, based on a model pioneered in Boston.
Los Angeles was one of the 12 pilot cities chosen by Freddie Mac for this campaign, which include Chicago, Atlanta, Baltimore, New Orleans, Oakland, Raleigh-Durham, Washington D.C., Cleveland, Buffalo, Syracuse, and Las Vegas. The Los Angeles Housing Department (LAHD) has been working on program development with a working group consisting of LAHD, other City departments, consumer advocates, public interest law firms, fair housing groups and others involved with anti-predatory lending activities.
For more information contact:
Los Angeles Housing Department
111 North Hope Street, 7th Floor