About the Campaign
CAMPAIGN GOALS AND OBJECTIVESThe overall goal of Don't Borrow Trouble Minnesota is to promote stability and success among families and individuals targeted by predatory lenders through a public education initiative in the Twin Cities metro area. Particular emphasis will be given to vulnerable populations, particularly families in a financial crisis or foreclosure, communities of color, and the elderly.
The Don't Borrow Trouble Minnesota Campaign was officially launched on Wednesday, March 5, 2003 at the Minnesota State Capitol. Click here to view the “Don’t Borrow Trouble Minnesota Campaign: 2003-2005” report (.pdf). Led by the Family Housing Fund and the Minnesota Home Ownership Center, Don't Borrow Trouble Minnesota is a coalition of over 60 organizations who have joined together to prevent predatory lending in the Twin Cities. Don't Borrow Trouble was pioneered in Boston by Mayor Thomas M. Menino and the Massachusetts Community Banking Council and is being expanded nationally by Freddie Mac to 40 cities nationwide. Click here to learn more about the national Don't Borrow Trouble effort.
Consumers are encouraged to call the Don't Borrow Trouble help line at 612-312-2020 for free advice while purchasing a home, refinancing, consolidating debt, taking out a home equity loan, or in need of mortgage foreclosure prevention. Callers will either be assisted directly through the help line, or referred to nonprofit and community agencies with expertise in homeownership education and housing and financial counseling. The Don't Borrow Trouble help line is being hosted by the Minnesota Home Ownership Center, but will be answered as Don't Borrow Trouble.
The projects objectives are to:
- identify the impact of predatory lending in the Twin Cities metro area, including communities and households most affected;
- develop and launch a public education campaign targeted to neighborhoods & populations vulnerable to predatory lending practices and foreclosure. (e.g. elderly, new immigrants, communities of color, female single heads of households, and persons in a housing/financial crisis);
- identify, coordinate and expand community resources to counter and respond to predatory practices and help mitigate foreclosures;
- build access for consumers to community resources;
- provide outreach and education to community organizations and community leaders to increase awareness and understanding of predatory lending practices and the foreclosure crisis; and
- assess the Campaign's effectiveness in reaching communities and populations vulnerable to predatory lending and foreclosure.
Campaign Stakeholders
In the spring of 2002, the Family Housing Fund formed the Don't Borrow Trouble Task Force, co-chaired by former Minnesota Housing Finance Agency Commissioner Katherine Hadley and former State Representative Greg Gray. The taskforce consisted of a broad range of over sixty partners that include nonprofit housing organizations, federal, state, and municipal agencies, financial institutions, housing and home ownership counseling organizations, and other community leaders. Click here to view the campaign's partner list. In addition, several foundations, lenders, and individuals have contributed financially to the campaign. Click here to view the campaign's funder list.
Primary predatory lending issues to be addressed
The campaign will respond to a wide range of predatory lending issues, including debt consolidation, refinancing/mortgage flipping, foreclosure rescue scams, property flipping, and more. It will reach individuals and families seeking to purchase a home, considering refinance and/or debt consolidation, and in need of foreclosure prevention. There are many ways that dishonest lenders can take advantage of unsuspecting consumers.Click here for tips on How to Spot a Predatory Lender.
www.dontborrowtroublemn.org
