Sunday, December 16, 2007

Foreclosure Scam Alert Flap

It has been on YouTube less than a week, but this scam warning has already drawn complaint from a YouTuber that "This is typical heavy handed democrat propaganda. Pure Bullspit! To portray a perfectly good pre-forclosure sale transaction as a scam..." Most viewers are defending Freddie Mac.
From Newsday online:
To reach out to homeowners in trouble, Freddie Mac has produced a two-minute video on how con artists can prey on delinquent borrowers.

Though it may not win any Oscars, the video shows how scammers can get copies of foreclosure notices at city hall or a county courthouse and then persuade borrowers to hand over their deeds in exchange for solving their financial problems. The con artists then use the deeds to secure new loans for themselves but let the new loan go into foreclosure, leaving the distressed homeowner out on the street.

Freddie Mac, one of the nation's largest investors in residential mortgages, took its message to the Web after conducting a survey that found one in four borrowers go to the Internet before their lender when they fall behind in their payments.

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