Program Aimed At Protecting People From Bad Loans

Lexington leaders are calling it one of the most important home ownership initiatives to come to Kentucky.

Mayor Jim Newberry and the victim of a predatory home loan introduced "Don't Borrow Trouble, Kentucky" on Monday morning, hoping folks here can avoid falling victims to bad loans.

Newberry says the goal of the program is to end predatory lending practices in the area and state. Organizers are hopeful that their financial counselors will help families avoid loan scams and resolve any financial problems before they loose their homes or are forced into bankruptcy.

Newberry says each year, hundreds are effected by harmful tactics from "too-good-to-be-true" home loans to seemingly friendly payday lending and intrusive door-to-door contractors.

Lexington is one of 12 Kentucky cities serving as the roots of the campaign.

For free help, even if you've signed and already have a bad loan, call 1 (866) 830-7868.

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  • by Zatoichi Location: Richmond on Oct 22, 2007 at 09:16 AM
    Will there also be a program to protect loans from bad people? Most likely half these loans can be explained this way as well.


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