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C.A.R.’s Mortgage Fraud Education Efforts

Dear Member,

Click to play the C.A.R. fraud videoBeginning in May, C.A.R. embarked on a multifaceted campaign to educate consumers about the growing trend in mortgage modification fraud. A nonprofit housing agency recently reported that attempts to scam struggling homeowners have climbed nearly 60 percent nationwide in 2012 alone. And with the recent announcement of the National Mortgage Settlement, it is expected these scammers will step up their efforts. To that end, C.A.R. has produced two videos; one about rising loan fraud that you can embed on your website or blog to educate your clients and the second, a video wrap-up of recent C.A.R. loan fraud events (just click on the video to the right).

To combat the rising fraud, C.A.R. has produced public service announcements (PSAs) in English, Spanish, Mandarin and Cantonese, which were distributed to TV stations throughout the state. Some members have already reported seeing them on MSNBC and other cable stations.

We also joined with local district attorneys in Sacramento, San Diego, and Bakersfield and held news conferences to get the word out more widely. We received substantial media coverage in each of the locations. View a sample of the TV coverage here.

C.A.R. has also dedicated a section on car.org with substantive information to educate consumers so they can learn how to protect themselves from loan fraud. Consumers can view the PSAs, learn who to contact if they’re in danger of foreclosure, get information about the National Settlement, and find out where to turn if they’ve been a scam victim. View the PSAs, media coverage and loan fraud section here.

Lastly, the Association is working with local newspaper editors, urging them to run opinion editorial and educational stories. If you’d like a copy of the educational article to submit to your local newspaper under your signature, please send an email to maryb@car.org.

Remind your clients of the old adage, “If it sounds too good to be true, it probably is.”

Sincerely,

LeFrancis Arnold
2012 President
CALIFORNIA ASSOCIATION OF REALTORS®

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