Avoid foreclosure scams at the movies
The Federal Reserve has begun advertising to moviegoers in nine states with high foreclosure rates in an effort to ward off foreclosure scams. The marketing may not be clever, but at least it's clear. Caitlan Carroll reports.
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TEXT OF STORY
Steve Chiotakis: In addition to being bombarded with movie trailers and theater announcements before your next flick, you're likely to see some financial advice on the big screen. Here's Marketplace's Caitlan Carroll.
Caitlan Carroll: The popcorn's in hand, lights dim, ready for the movie to start, and:
Foreclosure ad: Having trouble keeping up with your mortgage payments? Are you facing foreclosure?
Sandwiched between ads to turn off your cell phone and buy more Milk Duds, the Federal Reserve has a message for homeowners: Don't be taken advantage of by foreclosure scams, and go to our Web site to find out more.
Branding expert Rob Frankel:
Rob Frankel: So the message may not be award-winning, but as long as the data's getting through, that's probably at this point what's more important. I think I'd rather be clear than clever.
Frankel says the Fed's getting a lot for the $9,000 it spent on the ad. The ad will play for a week to an undistracted audience in nine of the states hit worst by foreclosures.
Community rights advocate Jesse Van Tol points out one problem: the Fed's message is simple, but scammers tailor their talk to individuals.
Jess Van Tol: These foreclosure prevention scammers are really reaching people everywhere.
Everywhere except in a place they go to escape.
I'm Caitlan Carroll for Marketplace.
Comments
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From Raleigh, NC, 07/12/2009
I think this ObamaMortgage2009 website in the comment above is one of the scams the ad warns about. Be careful!
From oak park, CA, 04/24/2009
It is estimated that Obama's plan could benefit 8 to 9 million homeowners from the new modification procedures. So how do you know you qualify for the Mortgage Modification? Check the website http://obamamortgage2009.blogspot.com/
to see if you qualify. I was also in trouble and I am glad I did check it before I talk to my mortgage company and it helped - John Mayer, California
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