The Fed Reserve Goes to the Movies

Michelle Singletary
April 09, 2009

Michelle Singletary

Nationally Syndicated Personal Finance Columnist, The Washington Post

The Federal Reserve has a new plan to steer people clear of mortgage scams. They're taking their message to the movies.

Read from Michelle Singletary's column on it from The Washington Post:

In an effort to push people away from foreclosure scams, the Federal Reserve has commissioned a 30-second commercial to be shown in the nine states with the highest incidence of home foreclosures.

The commercial will air Friday through April 17 in 18 movie theaters in California, Nevada, Michigan, Ohio, Florida, Arizona, Georgia, Maryland and Virginia. Many are multiplex theaters, and the commercial will run on all screens. So in addition to movie previews and the plea for moviegoers to turn off their cellphones, people will be warned to avoid outfits that will take advantage of them if they are having trouble making their mortgage payments.

The take-away tagline for the crisp, slick ad says: "It shouldn't hurt to get help!" In the voice-over, troubled homeowners are encouraged to go to http://www.federalreserve.gov and click on the link "5 Tips for Avoiding Foreclosure Scams."

The Fed isn't alone in trying to stomp out these schemes multiplying like cockroaches as the housing crisis worsens. There is a federal and state-led posse trying to round up the scoundrels ripping off homeowners at their most vulnerable time.

The Federal Trade Commission, along with the departments of Treasury, Justice, and Housing and Urban Development, announced joint efforts to coordinate and aggressively go after mortgage modification and home foreclosure rescue companies.

"For millions of Americans, the dream of homeownership has become a nightmare because of the unscrupulous actions of individuals and companies who exploit the misfortune of others," Attorney General Eric H. Holder Jr. said in a statement. "The Department of Justice's message is simple: If you discriminate against borrowers or prey on vulnerable homeowners with fraudulent mortgage schemes, we will find you, and we will punish you."

Read the rest of the article at WashingtonPost.com.

Michelle Singletary is a personal finance expert whose column, "The Color of Money", is syndicated nationally. She is booked exclusively for speaking events through Premiere Speakers. For information on how to bring her to your next event, visit www.premierespeakers.com/michelle_singletary.

Michelle Singletary

Want Michelle Singletary for your next event?

Find out more information, including fees and availability.
Find Out More
Keep Reading
The recipe for financial freedom
Michelle Singletary
Michelle Singletary
February 08, 2023
In the world of personal finance, knowledge is power. And you already have the power to become ...
Michelle Singletary: Managing Finances During COVID-19 Transcript
Michelle Singletary
Michelle Singletary
April 14, 2020
Michelle Singeltary Beyond Speaking Podcast Transcript Intro: ...
To move forward financially, first face your past
Michelle Singletary
Michelle Singletary
January 14, 2016
WASHINGTON - At the beginning of the year, we often talk about the new things we ...
The recipe for financial freedom
In the world of personal finance, knowledge is power. And you already have the power to become richer than you think. Those were the key messages from nationally syndicated personal finance columnist Michelle Singletary, the keynote speaker during the spring semester's first HYPE Day on Tuesday. With 401Ks, IRAs, stocks, bonds, annuities a...
Read More
Michelle Singletary: Managing Finances During COVID-19 Transcript
Michelle Singeltary Beyond Speaking Podcast Transcript Intro: Welcome to Beyond Speaking with Brian Lord. A podcast featuring deeper conversations with the world's top speakers. Brian Lord: Hi, I'm Brian Lord, your host of the Beyond Speaking podcast and today we have on Michelle Singletary. Michelle is a nationally syndicated personal...
Read More
To move forward financially, first face your past
WASHINGTON - At the beginning of the year, we often talk about the new things we want to see happen in our lives. When it comes to your finances, you might promise to save more or spend less. You may now have a plan to reduce your debt. But what causes so many people to fail at their financial goals? They can't change and move forward bec...
Read More
College students should master cash before getting a MasterCard
There is a method to what some readers consider my madness. Some people hate that I hate debt. Others disagree when I encourage families not to borrow for college. And, man, do I get a lot of email when I recommend that college students, especially freshmen, not have credit cards. I value this feedback, so I created the Color of Money "Talk ...
Read More
Are you prepared for the coming retirement storm?
Stop complaining about the demise of pensions, and start preparing. As with a category 5 hurricane, Americans are in for catastrophic problems if we fail to address the looming retirement crisis. Retirement planning cannot be shoved down on your to-do list. If you're in your 20s, start thinking about it now, because you've got plenty of time ...
Read More
Don't let rental car snafus wreck your vacation.
Like many rental car customers, my husband and I declined the expensive insurance offered at the counter. We knew we were covered through our auto insurance provider. Additionally, the credit card we use covers rental cars. In my mind, if we got into an accident, I would just use the coverage offered by the credit card company. But during our ...
Read More
What will creating financial freedom take? Lots of research, so start here.
In 1966, Margaret McNamara took a bag of used books to four boys she was tutoring in reading in Washington. She allowed each child to keep one, and they were delighted. Her giving soon developed into a program that would bring books to millions of children nationwide: Reading Is Fundamental. Since I started writing a column, I've tried to do s...
Read More
Personal Finance Books are the Gift That Keeps Giving
Every year, someone asks me what financial books I recommend as holiday gifts to teach children or young adults about money, to help somebody prepare for retirement - or for someone who is trifling with his or her money. Let's be honest, not many people are going to exclaim great joy when they unwrap a personal finance book. They are likely to ...
Read More
Gift Cards No Longer Seen as Presents From The Lazy
My husband and I were talking with our children about what they wanted for Christmas. All of them are in their teens, and any pretense of Santa has long been gone. The holiday has now become their chance to break down our frugal barriers.But we do love to hear their squeals of delight at finally getting a coveted item. And then there are the gif...
Read More
There's Always a Catch With 'No Interest' Offers
We have become a nation charmed by offers that something might be free. Especially when it comes to credit. Let's look at the offers many consumers will receive as they shop for the holidays. Professionals call these promotions "deferred interest plans."; But more commonly the advertising may say something like "No interest for 18 months"; or "...
Read More