Freddie Mac Goes Viral With Foreclosure Myths Videos

freddie mac
freddie mac

Freddie Mac

is doing its part to educate homeowners about foreclosure in a new video series on YouTube called "Get the Facts." It almost sounds like a sex education campaign, but the informational videos actually smack down foreclosure myths and offers facts about foreclosures. Videos address topics such as what a foreclosure can do to your credit rating, and how homeowners should react if they think they are in financial distress with their home. Freddie Mac is operating under a government conservatorship that began on September 6, 2008, shortly after the housing meltdown began; the agency was over-stressed by too many bad loans.

"People in those situations are vulnerable, and the foreclosure scammers are always a step ahead," says Ed Jacob, executive director at the Neighborhood Housing Services of Chicago, which provides housing counseling to homeowners struggling with mortgage payments.