Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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FEDERAL RESERVE ISSUES RED ALERT REGARDING LOAN SCAM

INDUSTRY NEWS, TIPS FOR BUYERS, TIPS FOR SELLERS
November 10th, 2008

On November 4th, the Federal Reserve issued an urgent press release regarding a fraudulent scheme that has recently come to their attention. Apparently, consumers are being contacted with offers of personal loans through a nonexistent Federal Reserve lending program. The individuals targeted are told they can work through a broker to obtain a sizable secured loan from the Federal reserve.

In order to receive the loan, the consumer is encouraged to deposit a large sum of money into a bank account under the guise of a security deposit to receive the loan. I assume the scam artists abscond with the money and fail to deliver on the promised loan.

The Federal Reserve wants the public to know it is not involved with direct loans to consumers. Consumers should verify the legitimacy of any potential service providers before entering into a business transaction. They further recommend consumers shop around and only do business with reputable lenders. If you, or someone you know, has been victimized, contact the Federal Reserve Board Consumer Help Center at 888-851-1920.

For other consumer scams that have cropped up as a result of the mortgage crisis, check out my three part series of posts on the subject I published last week at

www.bradgarbutt.com

www.movetoredding.com

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Monday, November 10th, 2008 at 12:35 pm and is filed under INDUSTRY NEWS, TIPS FOR BUYERS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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