WHEREAS, Freddie Mac is a leader in the fight to eliminate predatory lending through its
Don't Borrow Trouble
initiative, which combines public education and counseling services to help homeowners avoid lending practices that strip away their home's equity;
WHEREAS,
Don't Borrow Trouble
was pioneered in Boston by Mayor Thomas M. Menino and the Massachusetts Community and Banking Council and Freddie Mac has expanded this program to more than 30 communities by providing seed funding, marketing assistance, media information, and promotional material;
WHEREAS, Freddie Mac also funded on-site training provided by the National Consumer Law Center to prepare local officials and consumer advocates for calls and inquiries prompted by the
Don't Borrow Trouble
campaign; and
WHEREAS, Freddie Mac is hosting a national
Don't Borrow Trouble
Summit in Philadelphia on September 30, 2004 to assess the barriers and successes of this initiative and to develop innovative approaches to implement Summit recommendations; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That we declare October as
Don't Borrow Trouble
Month and salute Freddie Mac for hosting its Summit in Philadelphia.
FURTHER RESOLVED, That an Engrossed copy of this resolution be presented to representatives of Freddie Mac, as a sincere expression of the Council's gratitude, appreciation, and commendation for its efforts to end predatory lending.
End