Home Equity Lenders Settle Charges that they Engaged in Abusive Lending Practices;

Over Half Million Dollars to be Returned to Consumers

Media Advisory

The Federal Trade Commission will hold a press conference on Thursday, July 29, 1999 at 11 a.m. to announce "Operation Home Inequity," a law enforcement and consumer education campaign to combat abuses in home equity lending. FTC Chairman Robert Pitofsky will announce that six home equity lenders have agreed to pay consumer redress or be banned from making certain loans in order to settle Commission charges that they violated various lending laws. The cases are the first under a federal law passed to stem the growth of predatory lending practices.

 

Who:

Federal Trade Commission Chairman Robert Pitofsky

Anne Harvey, Director, Program Development and Services, AARP

Stella Adams, North Carolina Fair Housing Center

Consumer Victims

Where: Federal Trade Commission
600 Pennsylvania Avenue, N.W., Room 432
Washington, D.C. 20580
When:

Thursday, July 29, 1999 at 11 a.m.

 

*Those wishing to access the press conference via teleconferencing please call 202-326-2180.

Contact Information

Media Contact:

Victoria Streitfeld
Office of Public Affairs
202-326-2718