August 27, 2010 Posted by Federal Trade Commission
WASHINGTON, D.C. – August 27, 2010 – (RealEstateRama) — The Federal Trade Commission, the nation’s consumer protection agency, offered these tips for people who seek to sell their timeshare through real estate brokers and agents that specialize in reselling timeshares
Read the full article: FTC Warns Consumers to Exercise Caution When Selling a Timeshare Through a Reseller ...
July 30, 2010 Posted by Federal Trade Commission
July 30, 2010 – (RealEstateRama) — A company that deceived consumers with promises it could save their homes from foreclosure will pay $2.4 million to victims as part of a settlement with the Federal Trade Commission. The case is part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners.
Read the full article: Mortgage Relief Marketer Will Return $2.4 Million to Consumers to Settle FTC Charges ...
July 26, 2010 Posted by Federal Trade Commission
July 26, 2010 – (RealEstateRama) — Eight marketers are banned from selling mortgage modification or foreclosure relief services under settlements with the Federal Trade Commission. The FTC alleged that the marketers charged homeowners up-front fees and falsely claimed they could get their mortgage loans modified or prevent foreclosure on their homes. The settlements in three separate actions are part of the FTC’s ongoing efforts against scams that target financially distressed consumers.
Read the full article: Deceptive Marketers Banned from Selling Mortgage Relief Services; One Defendant Ordered to Pay $11.5 Million ...
July 5, 2010 Posted by Federal Trade Commission
WASHINGTON, D.C. – July 5, 2010 – (RealEstateRama) — The Federal Trade Commission is distributing refund checks to borrowers lured by a firm charged with deceptively advertising that it offered 3.5 percent, fixed-payment, 30-year mortgage loans. According to the FTC’s federal court complaint filed in 2004, the firm allegedly duped consumers into signing up for adjustable rate mortgages in which the principal balance would increase if they made payments at the advertised rates
Read the full article: FTC Mails Redress Checks to Borrowers Misled By Chase Financial Funding, Inc.’s Allegedly Deceptive Mortgage Ads ...
June 17, 2010 Posted by Federal Trade Commission
WASHINGTON, D.C. – June 17, 2010 – (RealEstateRama) — As part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners, the Federal Trade Commission announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services.
Read the full article: FTC Settlement Orders Ban More Than A Dozen Marketers from Selling Mortgage Relief Services; Repeat Offender Ordered to Pay $11.4 Million for Contempt ...
June 17, 2010 Posted by Federal Trade Commission
WASHINGTON, D.C. – June 17, 2010 – (RealEstateRama) — As part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners, the Federal Trade Commission announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services.
Read the full article: FTC Settlement Orders Ban More Than A Dozen Marketers from Selling Mortgage Relief Services; Repeat Offender Ordered to Pay $11.4 Million for Contempt ...
June 7, 2010 Posted by Federal Trade Commission
June 7, 2010 – (RealEstateRama) — Two Countrywide mortgage servicing companies will pay $108 million to settle Federal Trade Commission charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. The $108 million represents one of the largest judgments imposed in an FTC case, and the largest mortgage servicing case. It will be used to reimburse overcharged homeowners whose loans were serviced by Countrywide before it was acquired by Bank of America in July 2008.
Read the full article: Countrywide Will Pay $108 Million for Overcharging Struggling Homeowners; Loan Servicer Inflated Fees, Mishandled Loans of Borrowers in Bankruptcy ...
June 4, 2010 Posted by Federal Trade Commission
WASHINGTON, D.C. – June 4, 2010 – (RealEstateRama) — The Federal Trade Commission will host a press conference in Washington, DC, on Monday, June 7, 2010, at 11 a.m. to announce a major law enforcement action against a nationwide mortgage company that misled and overcharged homeowners in financial distress. Federal Trade Commission Chairman Jon Leibowitz and U.S. Trustee Program Director Cliff White will be available to answer reporters’ questions.
Read the full article: Nationwide Mortgage Company That Overcharged Homeowners Settles FTC Charges ...
June 1, 2010 Posted by Federal Trade Commission
WASHINGTON, D.C. – June 1, 2010 – (RealEstateRama) — The Federal Trade Commission has named several new defendants and added new charges concerning so-called “forensic audits” to its lawsuit against an operation that allegedly bilked homeowners who were trying to lower their mortgage payments. The action is part of an ongoing crackdown on scams that target consumers who are behind in their mortgage payments or at risk of foreclosure.
Read the full article: FTC Broadens Case Against Mortgage Relief Scheme; Charges That ‘Forensic Audits’ Were Unlikely to Help Homeowner ...
May 10, 2010 Posted by Federal Trade Commission
WASHINGTON, D.C. – May 10, 2010 – (RealEstateRama) — If you are facing default on your mortgage or foreclosure on your home, watch out for the latest scam: phony “forensic mortgage loan audits.” Con artists claim that for an upfront fee, their audits can help you hold onto your home. Don’t believe them.
Read the full article: Phony Audits: A New Twist on Foreclosure Rescue Scams ...
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