Don't Borrow Trouble
In 2001, the Office of the State Bank Commissioner formed a partnership with the City of Wilmington to promote financial education for consumers and increase awareness about problems with predatory home mortgage lending. Through this partnership, the Office of the State Bank Commissioner and Wilmington officials have worked with Freddie Mac (the Federal Home Loan Mortgage Corporation) on an initiative called "Don't Borrow Trouble". A public education campaign piloted in Boston in 1999 by Mayor Menino and the Massachusetts Community and Banking Council, "Don't Borrow Trouble" was expanded in 2001 by Freddie Mac to include cities throughout the country.
The Office of the State Bank Commissioner created "Don't Borrow Trouble" brochures, mailings, posters and public service announcements (PSAs) for use across Delaware, teaming up with housing counselors to inform the public that a reliable source of information about home mortgage lending is available. A typical message in the advertising campaign combines a warning about a prevalent scam with instructions to call the Office of the State Bank Commissioner or a local housing counselor. Freddie Mac provided initial funding to support the Don't Borrow Trouble" program and contributed additional funds in 2003 to expand outreach efforts to the Hispanic community.
