Coming to a Theater Near You - Warning on Foreclosure Scams

Courtesy of the Federal Reserve.

Lets watch -






It is not scheduled to play in New Jersey, although this should be played everywhere. From the accompanying Wall Street Journal article titled Fed Features: Ads At Movies Warn Against Scams that discusses this public awareness campaign. Lets take a look -

Intended to extend the reach of consumer warnings on the Fed's Web site, the ads will run in 14 cities with high-foreclosure housing markets and an outbreak of scam artists charging for guidance that is free from nonprofits working with the government.

The 30-second segment, built around text and an audio voiceover, features still photos of individuals and families. The opening line: "Are you facing foreclosure?" And the finale: "It shouldn't hurt to get help!" The closing shot guides viewers to foreclosure tips and other housing-related information on the central bank's Web site.

"People who are facing foreclosure are stressed enough," said Sandra Braunstein, director of the Fed's Division of Consumer and Community Affairs. "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 initial ads will run before movie previews for a week starting April 9 in theaters across seven states -- Arizona, California, Georgia, Florida, Michigan, Nevada, Ohio -- that have been hit hard by foreclosures. The project, produced by the firm National CineMedia, will cost the Fed $9,000 for production and placement in movie theaters. "Everyone goes to the movies at some point," Ms. Braunstein said. "The more attention we can put on this, the more consumers can protect themselves from scam artists."

As the U.S. government pours hundreds of billions of dollars into housing rescues, state and federal agencies have struggled to stop predators from targeting homeowners. Complaints have poured in to state attorneys general from homeowners in dire straits with their mortgages who are paying thousands of dollars to people who promise to arrange government aid to keep their homes.

This may alert people to avoid paying thousands of dollars for worthless services. And getting some type of verified mortgage and financial help. Instead of going to the glossiest and slickest foreclosure scam artist people can learn about going to non-profits that can really help them.

While we are hopeful this helps people we do not agree with the quote that everyone goes to the movies at some point. We think this may to be too much of selected audience to really get the outcomes needed -

Over all, it said, the portion of the American population that attended movies on a weekly basis dropped from around 65 percent in 1930 to about 10 percent in the 1960s, and pretty much stayed there.

With money tighter than ever does the Fed really believe that people are going to spend what little they have on a movie. Especially people facing foreclosure? We like the reaching out but really question the using movies to reach the designated audience...