Submission Number: 00008
Commenter: Sondra Johnson
State: New Jersey
Agency: Federal Trade Commission
Initiative: Mortgage Acts and Practices - Advertising Rule
Attachments: No Attachments
3. I agree with the proposed regulation and would like to state that we, the consumers’, are tired of being deceived by people we should be able to trust. When a consumer is seeking to purchase or modify a loan, they are under the impression that the Lender/Broker has taken an oath not to deceive, misrepresent or misstate information that may be crucial to the consumers decision making process. I want to lend a voice to all those consumers who are not well educated, who may not have access to the Internet for research and who put their trust in professionals who they believe will have their best interest at heart. .
Consumers have long dealt with the deceitful acts of mortgage lenders/brokers and it has played a very big part in the economic destruction of this country. We need to have better laws in place not only protect consumers, but to protect the country in which we live in.
I believe greed is the root cause of this problem and it will take new laws to prevent to happening again in the future and the proposed regulation is a good start.