Feature Flicks: Foreclosure Scam PSA Ads from Federal Reserve Coming to a Theater Near You!

Feds get into the movie biz with feature ads warning about foreclosure rescue scams.

Click to watch the ad on wsj.com.

The Federal Reserve will soon begin showing feature ads at movie theaters warning of foreclosure rescue scams in order to increase public awareness of the various types of “Stop Foreclosure Now!” scams that homeowners in distress are constantly being bombarded with. These ads will be shown as part of the theater’s pre-feature entertainment, which combines attention-grabbing shorts from upcoming movies with various types of advertising.

Santa Clarita is not immune to these foreclosure rescue scams, with many companies offering to help negotiate a loan modification for you if you’ll pay them an up-front non-refundable fee of $2,500 or more for services that aren’t guaranteed. Sandra Braunstein, director of the Fed’s Division of Consumer and Community Affairs, says, “People who are facing foreclosure are stressed enough. The last thing you need to do in a situation like that is put out a couple thousand dollars. There are people out there who can help and do not charge.”

The Fed’s ads will run in movie theaters in Arizona, California, Georgia, Florida, Michigan, Nevada and Ohio beginning the week of April 9.