Federal Trade Commission
The Federal Trade Commission (FTC) deals with issues that touch the economic life of every American. It is the only federal agency with both consumer protection and competition jurisdiction in broad sectors of the economy.
The FTC pursues vigorous and effective law enforcement; advances consumers’ interests by sharing its expertise with federal and state legislatures and U.S. and international government agencies; develops policy and research tools through hearings, workshops, and conferences; and creates practical and plain-language educational programs for consumers and businesses in a global marketplace with constantly changing technologies.
Contact:
202-326-3224
1-877-FTC-HELP (1-877-382-4357)
FTC Staff Submits Comments to Federal Reserve on Making Fair Lending Law Stronger; FTC...
WASHINGTON, D.C. - December 17, 2010 - (RealEstateRama) -- The Federal Trade Commission staff has submitted comments to the Federal Reserve Board recommending ways the Board could strengthen the rules under the Home Mortgage Disclosure Act, which requires some mortgage lenders to collect and report loan data that the government uses to analyze whether they are complying with fair lending laws
FTC Action Puts Deceptive Marketer Out of the Debt Relief Business
WASHINGTON, D.C. - December 6, 2010 - (RealEstateRama) -- A deceptive advertising operation has been banned from the debt relief business under a settlement agreement with the Federal Trade Commission. As part of a continuing crackdown on scams that target consumers in financial distress, the FTC charged the defendants with deceptively claiming they could save consumers thousands of dollars by reducing their credit card debt.
FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams
WASHINGTON, D.C. - November 22, 2010 - (RealEstateRama) -- Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable
FTC to Announce Rule to Protect Homeowners from Mortgage Relief Scams During Middle Class...
WASHINGTON, D.C. - November 19, 2010 - (RealEstateRama) -- During an event hosted by Vice President Joe Biden to announce initiatives to help middle class and low-income families secure their legal rights, Federal Trade Commission Chairman Jon Leibowitz will announce a new rule protecting homeowners from deceptive mortgage relief companies, and several law enforcement actions against mortgage loan modification and foreclosure rescue companies.
FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams
WASHINGTON, D.C. - November 19, 2010 - (RealEstateRama) -- Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable.
FTC Approves Fidelity National Financial’s Proposal to Sell Rights to Michigan Title Plant Assets...
November 16, 2010 - (RealEstateRama) -- Following a public comment period, the Federal Trade Commission has approved a proposal by Fidelity National Financial, Inc. to sell rights to certain assets used in conducting real estate title searches. Fidelity is required to sell these rights to comply with an FTC Order that settled charges that Fidelity’s 2008 acquisition of three LandAmerica Financial subsidiaries reduced competition in markets for real estate title information services. This proposal resolves Commission concerns that Fidelity would be the only provider of title plant information services in the Detroit, Michigan, metropolitan area
FTC Puts Conditions on Simon Property Group’s Acquisition of Prime Outlets
WASHINGTON, D.C. - November 11, 2010 - (RealEstateRama) -- The Federal Trade Commission is requiring Simon Property Group, Inc. to divest property and modify tenant leases as part of a settlement designed to preserve outlet center competition in parts of southwest Ohio, Chicago, Illinois, and Orlando, Florida, in the wake of Simon’s purchase of Prime Outlets Acquisition Company, LLC.
FTC Advises Consumers: Notices from Mortgage Servicers Always Demand Homeowner Attention
October 26, 2010 - (RealEstateRama) -- Stories about a “freeze” or “moratorium” on mortgage foreclosures are in the headlines, so it’s no surprise if you’ve heard that some mortgage lenders are stopping foreclosures while their paperwork is investigated to be sure it’s in order. But no matter what you hear on the news, a notice from your bank, mortgage servicer, or the sheriff requires your immediate attention.
FTC Advises Consumers: Notices from Mortgage Servicers Always Demand Homeowner Attention
October 25, 2010 - (RealEstateRama) -- Stories about a “freeze” or “moratorium” on mortgage foreclosures are in the headlines, so it’s no surprise if you’ve heard that some mortgage lenders are stopping foreclosures while their paperwork is investigated to be sure it’s in order. But no matter what you hear on the news, a notice from your bank, mortgage servicer, or the sheriff requires your immediate attention.
FTC Proposes Rule to Ban Deceptive Mortgage Ads
September 22, 2010 - (RealEstateRama) -- The Federal Trade Commission moved to further strengthen its longstanding enforcement program aimed at preventing deceptive mortgage advertising, proposing a rule that would ban misrepresentations for all mortgages and would allow the FTC and the states to seek civil penalties against those who violate the rule.
FTC Warns Consumers to Exercise Caution When Selling a Timeshare Through a Reseller
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
Mortgage Relief Marketer Will Return $2.4 Million to Consumers to Settle FTC Charges
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.
Deceptive Marketers Banned from Selling Mortgage Relief Services; One Defendant Ordered to Pay $11.5...
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.
FTC Mails Redress Checks to Borrowers Misled By Chase Financial Funding, Inc.’s Allegedly Deceptive...
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
FTC Settlement Orders Ban More Than A Dozen Marketers from Selling Mortgage Relief Services;...
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.
FTC Settlement Orders Ban More Than A Dozen Marketers from Selling Mortgage Relief Services;...
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.
Countrywide Will Pay $108 Million for Overcharging Struggling Homeowners; Loan Servicer Inflated Fees, Mishandled...
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.
Nationwide Mortgage Company That Overcharged Homeowners Settles FTC Charges
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.
FTC Broadens Case Against Mortgage Relief Scheme; Charges That ‘Forensic Audits’ Were Unlikely to...
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.
Phony Audits: A New Twist on Foreclosure Rescue Scams
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.
FTC Puts Mortgage Foreclosure “Rescue” Company Out of Business
April 29, 2010 - (RealEstateRama) -- The Federal Trade Commission has put a permanent stop to another mortgage foreclosure “rescue” operation that allegedly promoted bogus loan modification and foreclosure relief services. The case is one of 17 lawsuits the FTC has brought in the past 11 months in a crackdown on mortgage relief frauds that target financially strapped homeowners, and more cases are being investigated
