Blog Posts Tagged with Mortgages

Sci-fi fans will remember the 1996 movie "Mars Attacks!" where Americans banded together to fight off Martian invaders.

The headline read ZIP.  ZERO.  NADA.  In big print, the ads also said 0 money down* and 0 for paid closing costs*.  Heritage Homes didn’t include ZILCH, BUPKES, or (for “Buffy the Vampire Slayer” fans) THE BIG GOOSE EGG, but the FTC says the meaning to prospective buyers was clear.  So how much truth was in that across-the-board “zero” claim?   According to the FTC’s complaint:  Zip.  Zero.  Nada.

Yesterday’s 10th anniversary of the National Do Not Call Registry was a good time to reflect on a decade of progress.  But to paraphrase Thomas Jefferson (or Patrick Henry, Irish statesman John Philpot Curran, or whoever else said it), eternal vigilance is the price of an uninterrupted dinner hour.  A record-setting $7.5 million settlement with a national mortgage broker demonstrates the FTC’s commitment to the fight against

Never underestimate the creativity of marketers attempting to separate cash-strapped consumers from their last dollar.  And never underestimate the FTC’s resolve to protect people from deception in tough economic times.  Those are just two points to take from recent FTC law enforcement actions.

Last week saw FTC announcements involving allegations of foreclosure rescue fraud, deception aimed at people trying to resell their timeshares, complaints against payday lenders, and lawsuits against outfits claiming to help consumers behind on their car payments.  Is there a theme here?  You bet.  But the message isn't just for companies engaged in practices targeting consumers struggling to stay afloat.  There are words to the wise for businesses of any size and every stripe.

When the FTC conducts an investigation to see if a company has violated the law, it’s important that the process is efficient and not unduly burdensome on those involved.  The FTC’s Rules of Practice lay out the procedures the Commission follows.

Last Friday, the FTC and the Consumer Financial Protection Bureau signed a memorandum of understanding outlining how the agencies will work together.  The CFPB — born out of the recent financial system overhaul — and the FTC now share responsibility for protecting consumers in the non-bank financial sector.