"We are writing you to solicit your support in ensuring that the FY 2003 Federal Trade Commission budget has at least $2.55 million dollars to combat abusive lending practices. As you may know, abusive lending practices, commonly referred to as predatory lending, are a growing problem in communities around the country. While a substantial majority of mortgage lenders and brokers are upstanding businesspeople, a few bad actors are casting a pall across the entire industry," wrote the senators. "It is clear to us that the FTC should be dedicating a growing amount of resources toward tackling this problem. At a minimum, we believe that the FTC should be redoubling its efforts in combating predatory lending," they continued.

A leader in the effort to combat predatory lending, Senator Stabenow has held a number of Michigan community forums to raise awareness of the issue and to bring together local leaders in an effort to find new ways to combat it. Late last year, the Senator was joined by the Freddie Mac Corporation in kicking off Don't Borrow Trouble, a local public education campaign designed to help the public recognize and avoid unscrupulous lenders. This effort has already helped many in Southeast Michigan to get the information they need to protect themselves and their families.

"As a member of the Senate Banking Committee, I have been working since I came to the Senate to combat predatory lending. I have heard from people throughout Michigan about the problems they have faced because of lending scams. Many have lost money--some have even lost their homes. I am hopeful that the FTC will receive the funding it needs to effectively combat this problem, which has plagued so many in our state," said Stabenow.

Last month, Senator Stabenow became an original cosponsor of legislation to combat predatory lending and protect borrowers from unscrupulous lenders. The Predatory Lending Consumer Protection Act of 2002 has the support of numerous community and fair-housing groups who have been actively involved in nationwide efforts to combat predatory lending.

**Consumers in Southeast Michigan who may have been victims of predatory lending practices or who would like further information on the Don't Borrow Trouble Campaign are urged to call 313-823-8610. Callers will be connected to the Detroit Alliance for Fair Banking, which will refer them to a network of city agencies and non-profit organizations that can provide expert advice on homeownership issues and predatory lending practices.