The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) are investigating several mortgage lenders that have committed "serious violations of the law."
An analysis of 800 mortgage ad found some that "implied private programs were backed by the government, or misled regarding the interest rates or costs tied to the mortgages." "The CFPB and the FTC were looking for potential violations of the 2011 Mortgage Acts and Practices Advertising Rule, which prohibits misleading claims concerning government affiliation, interest rates, fees, costs, payments associated with the loan, and the amount of cash or credit available to the consumer." All of these are examples of predatory lending where the lender wants to put the consumer into a loan where they will default and the lender will seize the home. Check this link: http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-warns-companies-against-misleading-consumers-with-false-mortgage-advertisements/
Misleading Mortgage Advertisements
![Misleading Mortgage Advertisements]()
Reviewed by citra
Published :
Rating : 4.5
Published :
Rating : 4.5