U.S. Eyes Ban On Loan Aid Payment ; Ftc Targets Scammers
The Washington Times › September 18, 2009
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Summary
The Federal Trade Commission announced Thursday that it may ban upfront payments to companies that advertise help for borrowers struggling to pay their home loans.
Federal regulators say illegal and predatory practices in the mortgage market are rampant in the wake of the recent financial crisis. Scammers, they say, routinely prey on mortgage holders in danger of default by charging them upfront fees of $1,000 to $3,000 for help in modifying the terms of their loans - a promise rarely, if ever, kept.See the full content of this document
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U.S. Eyes Ban On Loan Aid Payment ; Ftc Targets Scammers
"Today's challenging economy presents an opportunity for con artists who prey upon financially distressed consumers," said Feder...
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