EduBourseActualitésForeclosure Fraud: Freddie Mac Warns Borrowers With Video Dramatization On YouTube

Foreclosure Fraud: Freddie Mac Warns Borrowers With Video Dramatization On YouTube

McLean, VA – Can a custom made video posted to YouTube™ keep troubled borrowers from losing their homes to fraud artists? Freddie Mac aims to find out.

One of the nation’s largest investors in residential mortgages, Freddie Mac (NYSE: FRE) decided to produce an Internet video dramatizing a common foreclosure fraud scheme after a new survey found one-in-four delinquent borrowers go to the Internet before their bank or lender for information about avoiding foreclosure. Freddie Mac’s anti-fraud video can be found at http://www.youtube.com/AvoidFraud.

Freddie Mac’s two-minute YouTube video uses professional actors to demonstrate how con artists can:

Get copies of foreclosure notices at City Hall or a county courthouse;
Persuade distressed borrowers to give up the deeds in exchange for suspicious promises to solve their financial problems;
Use the deeds to secure new loans for themselves; and,
Let the new loans go into foreclosure, which means the homeowners looking for help can still end up losing their house.
“With fraud reports on the rise, we are using every communication channel out there to warn borrowers about these fraudsters and urge borrowers to call their lenders when they fall behind on their mortgage,” said Ingrid Beckles, vice president, Servicing and Asset Management, Freddie Mac. “By working with our servicers, Freddie Mac is now helping an average of 1,000 delinquent borrowers a week avoid foreclosure through forbearances, repayment plans or other workout options.”

Freddie Mac decided to produce the anti-fraud video for You Tube after a 2007 company-sponsored study that discovered that 25 percent of delinquent borrowers go to the Internet first for mortgage information, only slightly less than those who call their mortgage lender (28 percent) or bank (32 percent). Roper Public Affairs and Media, a division of GFK NOP conducted the survey of 2,400 borrowers.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

Pierre Perrin-Monlouis
Pierre Perrin-Monlouis
Fondateur de Rente et Patrimoine (cabinet de gestion de patrimoine), Pierre Perrin-Monlouis est un analyste et trader pour compte propre. Il vous fait profiter de son expérience en trading grâce à ses analyses financières et décrypte pour vous les actualités des marchés. Son approche globale des marchés combine à la fois l'analyse technique et l'analyse fondamentale sur l'ensemble des marchés : crypto, forex, actions et matières premières.
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