McLean, VA--(HISPANIC PR WIRE - PRNewswire)--February 6, 2008--Freddie Mac (NYSE: RE) has re-edited the custom made video it posted to YouTube(TM) for Spanish-speaking homeowners in an effort to warn more delinquent borrowers about a widespread form of foreclosure fraud. The new Spanish language version of Freddie Mac's anti-fraud video can be found at http://www.youtube.com/AvoidFraud
"One of the first comments posted about our anti-fraud on YouTube was 'where is the Spanish version?' We immediately decided to re-work the original with a Spanish script and subtitles because borrowers in America's Latino community are also vulnerable to these con artists," said Ingrid Beckles, vice president, Servicing and Asset Management, Freddie Mac.
Like the English-language Internet video Freddie Mac produced and posted in 2007, the Spanish language version 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 end up losing their house.
Beckles added: "Both videos urge delinquent borrowers to call their lenders because they are their best chance for a forbearance, loan modification, or other workout that may help them stay in their home. In fact, by working with our servicers, we now help an average of 1,000 delinquent borrowers a week avoid foreclosure through forbearances, repayment plans or other workout options."
"A growing number of Latino families are falling victim to foreclosure rescue companies who prey on them when they are most vulnerable. While the symbol of the America Dream slips through their fingers these companies often usher them into certain foreclosure rather than preventing it. We applaud Freddie Mac for their innovative approach to create community awareness on this issue," said Janet Murguia, President and CEO, National Council of La Raza.
Freddie Mac decided to produce the anti-fraud videos when a new survey of delinquent borrowers found 25 percent going to the Internet first for information about managing their mortgages and avoiding foreclosure. Roper Public Affairs and Media - a leading international market research firm - surveyed 2411 adult homeowners, including 1,004 delinquent borrowers more than one month late. (For a Freddie Mac/Roper survey summary, go to freddiemac.com/service/msp/pdf/foreclosure_avoidance_dec2007.pdf.)
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.
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