National Foreclosure Rescue Scam Awarness Campaign Kicks Off In Los Angeles

In Los Angeles, California, Reuters reports:

• Sun Valley, a sun-baked and struggling corner of Los Angeles, is fertile ground for mortgage rescue scams with its high proportion of subprime borrowers, Spanish speakers and a sharp drop in home values. And it is one of the first places targeted in the homeowner education campaign launched on Monday by U.S. government agencies, local leaders and housing advocates to stop scammers preying on desperate borrowers nationwide.

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• In coming weeks, the campaign will go to other hard-hit areas like Miami, Florida, and Columbus, Ohio, and it will target those groups most affected -- senior citizens, Hispanics, African Americans and Asian Americans. While tighter regulation and law enforcement are expected to reduce scamming operations, officials say they expect the best results to come from the first line of defense -- better educated borrowers.

For more, see U.S. schools homeowners to spot loan rescue scams.