Freddie Releases Spanish Language Version of Foreclosure Scam Video

In an effort to warn more delinquent borrowers about a widespread form of foreclosure fraud, Freddie Mac has re-edited the custom-made video it posted to YouTube for Spanish-speaking homeowners. The new Spanish language version of Freddie Mac's anti- fraud video can be found at http://www.youtube.com/AvoidFraud. 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. Freddie Mac decided to produce the anti-fraud videos when a new survey of delinquent borrowers found 25% going to the Internet first for information about managing their mortgages and avoiding foreclosure.