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Campaign Targets Predatory Lending

August 27, 2000|Inman News Features

To stem a rise in predatory lending, Freddie Mac and 12 major U.S. cities, including Los Angeles, are allying to warn consumers.

Campaigns will use ads, billboards, Web sites and public service announcements in English and Spanish warning of predatory lending practices and listing an 800 number for referrals to local government and nonprofit agencies for help.

"Predatory lending represents a frontal assault on homeowners all across America. Freddie Mac's 'Don't Borrow Trouble' campaign is a move to show lenders that it is not going to support this practice by purchasing these mortgages," said U.S. Sen. Paul S. Sarbanes (D-Md.).

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