FTC bans advance fees for mortgage relief

[The Straight Story]

FTC bans advance fees for mortgage relief

Consumers seeking to compare mortgage rates on refinance loans are receiving new money-saving benefits from the Federal Trade Commission.

Under the new regulations, the mortgage-relief business will be subject to the same rules as the debt settlement industry.

This means consumers looking to save money on their home loans can no longer be charged upfront fees on services. Companies must also disclose customers' delinquent payments that could cause foreclosure or damaged credit ratings.

"Homeowners facing foreclosure or struggling to make mortgage payments shouldn’t have to contend with fraudulent companies that don’t provide what they promise," said FTC Chairman Jon Leibowitz.

http://www.e-wisdom.com/news/loans/ftc-bans-advance-fees-for-mortgage-relief-800247611/

[laughingliberal]

1. K & R nt

[Mimosa]

2. That's good to know.

Thanks for the info, Straight Story. :D

[Rex]

3. Fraudulent companies should be getting raided by the FBI.

If we had a real JD it would be going out and destroying Florida's cesspool of corporate pirates in the real estate and financial practices. I'd actually love to see the FBI switch gears away from arresting war protesters and making a very public crusade against huge conglomerates that fuck over the working class. HINT: the SCOTUS made it extra double easy now for law enforcement to arrest corporations...imagine that in the news! Treated like a person, now maybe we can see some cleanup of Washington DC and their cesspool of lobbyist organizations that do longterm harm. GO fer it! Skies the limit, thanks to our Supreme Judges!

[gratuitous]

4. Stifling the free market!

Has Sen. Paul been notified? If desperate people are so desperate that they hand over money to somebody without doing a thorough investigation, they deserve to get ripped off. And the robber baron mortgage-relief businesses deserve to make as much money as they can steal. It's the Holy and Invisible Hand of the Free Market (all hail!).