MCLEAN, Va., Oct. 26 /PRNewswire-FirstCall/ -- The following statement was released today by Hollis McLoughlin, Senior Vice President of External Relations, Freddie Mac (NYSE:FRE) in support of the Los Angeles launch of the "Loan Modification Scam Alert" campaign by a coalition including federal agencies, non-profit organizations, Freddie Mac and others:
"Freddie Mac applauds this new coalition for standing together against con artists who specialize in bilking the public with empty promises of quick fixes to mortgage problems.
"Attacking loan modification fraud has been a top priority at Freddie Mac long before the current housing crisis began. That's why we launched Don't Borrow Trouble anti-fraud campaigns in dozens of cities across the nation, produced one of the Internet's first viral videos dramatizing how loan modification scams work, and assist the FBI and law enforcement as they investigate and prosecute fraud artists. (For more information, see freddiemac.com/avoidfraud.)
"We look forward to working with the Treasury Department, Federal Trade Commission, HUD, NeighborWorks® America and the other coalition members to close the door on mortgage fraud."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
DATASOURCE: Freddie Mac
