FTC Focuses On Mortgage Industry

Posted by Orb Staff on May 14, 2009 No Comments
Categories : Mortgage Servicing

rulemaking authority awarded to the Federal Trade Commission (FTC) under the Omnibus Appropriations Act of 2009 will allow the FTC to more aggressively crack down on deceptive mortgage practices and discriminatory lending. The acting director of the FTC's Bureau of Consumer Protection, Eileen Harrington, told a U.S. House subcommittee that the FTC has substantially increased its law enforcement efforts to protect consumers of financial services. The FTC has brought more than 70 law enforcement actions involving mortgage advertising and marketing, mortgage servicing, debt settlement and credit counseling, debt collection practices, credit repair operations, lending discrimination, and other financial services issues in the past five years, Harrington said. And with the new rulemaking authority, the FTC says it intends to address unfair or deceptive mortgage loan modification and foreclosure rescue practices, mortgage servicing and other mortgage lending activities. SOUR

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