Sunday, February 25, 2007

Business Week - "Fed warns homeowners on loan schemes" (2-16-07)

"Homeowners beware: You could be victimized by a certain scam where someone tries to lure you into applying for a loan secured by your home. The Federal Reserve put out that warning Friday in response to questions and complaints from people about direct-mail solicitation scams that describe a "Community Reinvestment Act Program" that entitles certain homeowners to cash grants or equity payments. No such federal program exists, the Fed said."

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