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Don't Borrow Trouble Suburban Philadelphia Campaign
General Overview
The Don't Borrow Trouble Suburban Philadelphia Campaign is a collaborative of agencies throughout Bucks, Chester, Delaware and Montgomery Counties working together to address predatory lending issues impacting low-and moderate-income households in the greater Philadelphia metropolitan area. Public education, legal and housing assistance, and mortgage default counseling will be used as channels for promoting homeownership, individual stability, and success amongst those most vulnerable to predatory lenders. The four counties find themselves in a unique position to improve the effectiveness of local efforts to assist homeowners by combining their diverse resources to educate consumers on the perils of predatory lending practices including high pressure sales tactics targeting vulnerable consumers such as the elderly and minorities, charging excessive rates and fees to a borrower who qualifies for lower rates and/or fees, and inadequate disclosure of loan costs.
The campaign will also focus on foreclosure prevention by demystifying the mortgage finance process for first homebuyers and educating existing homeowners on home equity loans.
The Don't Borrow Trouble Suburban Philadelphia campaign is focusing on neighborhoods and communities within the Bucks, Chester, Delaware and Montgomery counties that are the most susceptible targets for predatory lending. The campaign will provide targeted bilingual marketing, education, legal assistance, and outreach to seniors, low-income communities, and minority communities.
Partners in the campaign include enforcement agencies that will investigate and resolve charges of discriminatory practices in housing and lending, housing counseling agencies HUD approved to provide mortgage default counseling, county government housing and community development agencies, and legal assistance agencies that will provide legal advice and possible legal representation.
Goals:
- Analyze the impact of predatory lending in the four counties and identify communities and households most affected
- Develop and launch a public anti-predatory lending education campaign targeted to vulnerable communities.
- Identify, coordinate and expand community resources to counter and respond to predatory practices
- Create greater access for consumers in need to community resources.
- Provide outreach and education to community organizations and community leaders to increase awareness and understanding of predatory lending practices.
Participants:
- Community Impact Legal Services
- Freddie Mac
- Bucks County Department of Consumer Protection
- Chester County Bar Association
- Montgomery County Department of Housing and Community Development
- Chester County Department of Community Development
- Delaware County Office of Housing and Community Development
- Fair Housing Council of Suburban Philadelphia
- Montgomery County Fair Housing Council
- Pennsylvania Human Relations Commission
- U.S. Department of Housing and Urban Development
- Consumer Credit Counseling of Delaware County
- Housing Partnership of Chester County
- Housing Alliance of Southern Chester County
- CCIP-Delaware County
- Legal Aid of Southeastern Pennsylvania
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