PRESS RELEASE
For more information contact:
JoAnn DePenning
Texas Foreclosure Prevention Task Force
(512) 295-7975
James Hoard
Federal Reserve Bank of Dallas
(214) 922-5307
Movie Theater Campaign In Six Texas Cities Warns Homeowners of Foreclosure Rescue Scams
Ads to begin showing on Friday September 11
(Austin, Texas) Sept 8, 2009 – The Texas Foreclosure Prevention Task Force (TFPTF) announced today it will begin showing a 30-second consumer awareness ad in movie theatres in six Texas markets – Beaumont, Brownsville, Corpus Christi, Killeen, Laredo and McAllen – starting September 11.
The messages are designed to increase consumer awareness of the risks of foreclosure rescue scams and direct consumers to trusted resources for assistance.
The 30-second spots were developed by the Federal Reserve. The Texas Foreclosure Prevention Task Force received a grant from Fannie Mae to purchase viewing time in Texas movie theatres. The ads will show through Oct. 9.
The ad directs consumers to “5 Tips for Avoiding Foreclosure Scams” available on the Federal Reserve’s website, www.FederalReserve.gov.
Homeowners also are directed to dial 211.
Information cards – in both English and Spanish – will be available in theatre lobbies, and include the link to the federal government’s Making Home Affordable website, www.MakingHomeAffordable.gov
”Most of the initial response to the foreclosure crisis centered in large urban areas such as Dallas and Houston,” said Kate Sharpe, Senior Business Developer for Fannie Mae and Co-chair of the TFPTF Outreach & Education Committee. “As the crisis continues to unfold, concern is growing in markets such as Laredo and the Valley where the percentage of loans in foreclosure has started to rise compared to larger cities. We felt it was important to provide additional resources in these particular markets at this time.”
“The reason we recommend consumers contact 211 is to help them locate the nearest counseling agency and to give them access to a wider array of programs for families in financial distress.” said Alfreda Norman, Community Affairs Officer at the Federal Reserve Bank of Dallas.
JoAnn DePenning, TFPTF Co-chair added, “We welcome the addition of these ads as a tool to further consumer education on the use of free counseling offered by HUD approved counseling agencies that have been trained to provide the highest quality of assistance to families facing foreclosure.”
About the Texas Foreclosure Prevention Task Force:
The Texas Foreclosure Prevention Task Force works to reduce home mortgage foreclosures and the impact of foreclosure on Texas families and communities. Initiated by NeighborWorks® America in 2007, the Task Force continues to work with federal, state and local leaders on the issue of foreclosure. More than 100 businesses and organizations, including the Federal Reserve Bank of Dallas, are members of the Task Force.
For more information visit the TFPTF web site at www.texasforeclosurehelp.org.
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The Texas Foreclosure Prevention Task Force
Purpose: The purpose of the Texas Foreclosure Prevention Task Force is to reduce home mortgage foreclosures and the impact of foreclosure on Texas families and communities.
In cities and states with high rates of foreclosure, the NeighborWorks® Center for Foreclosure Solutions works with local leaders and local nonprofit organizations to create sustainable foreclosure intervention programs. Initiated by NeighborWorks in 2007, the Texas Foreclosure Prevention Task Force continues to work with federal, state and local leaders on the issue of foreclosure. We invite your involvement and support. Help support existing efforts and initiatives to reduce foreclosures in Texas as well as grow this statewide initiative and public awareness campaign. Help us raise awareness about the network of highly specialized United States Department of Housing and Urban Development (HUD) approved housing counselors throughout Texas who are available to provide FREE assistance to homeowners facing foreclosure.
Current areas of focus:
• Conduct homeowner outreach/public awareness campaigns in conjunction with existing foreclosure prevention efforts and initiatives
• Continue research efforts to better understand foreclosure patterns/trends and issues in Texas
• Develop means for financial support for local counseling infrastructure to assist distressed homeowners in home retention
• Identify and promote foreclosure prevention related information including detailed Texas foreclosure timelines, mortgage relief procedures, rescue and refinance products
• Develop a tracking system to measure effectiveness of this and other task force interventions
• Identify potential legislative recommendations that support homeownership retention
• Develop and support a post-foreclosure support system
• Identify individuals, organizations, and new and existing initiatives to link to this effort
