Blog Posts Tagged with Mortgages

Pages

CROA case shows why piggybacking isn’t the answer for consumers shouldering bad credit

By: Lesley Fair | Mar 9, 2020 11:07AM

The practice is called piggybacking, but it’s not child’s play. It’s where a person with iffy credit pays a credit repair company to be listed as an authorized user on the account of someone with good credit – even though they don’t actually have access. The idea is that the person with bad credit can inflate their own credit score and get the money-saving benefits of better credit by “piggybacking” on the credit of a stranger. That’s how a Denver-based business pitched its services to cash-strapped consumers.

Continue Reading CROA case shows why piggybacking isn’t the answer for consumers shouldering bad credit

The lesson of the MARS Rule: Not one penny up front

By: Lesley Fair | Jan 26, 2018 12:51PM

Like calling an NFL lineman “Tiny,” we appreciate an ironic name as much as the next person. But it’s different when a company calls itself – among other things – Consumer Defense, Preferred Law, and Modification Review Board and then makes allegedly deceptive claims regarding loan modification services to consumers struggling to hold onto their homes.

Continue Reading The lesson of the MARS Rule: Not one penny up front

So You Received a CID: FAQs for Small Businesses

By: Thomas B. Pahl, Acting Director, FTC Bureau of Consumer Protection | Jan 19, 2018 6:34PM

So you’ve received a Civil Investigative Demand (CID) from the Federal Trade Commission related to a consumer protection matter. Now what? We appreciate that it can be daunting for any company – especially a small business – and we want to be as transparent as possible about the process.

Continue Reading So You Received a CID: FAQs for Small Businesses

Military Consumer: Sound Off!

By: Carol Kando-Pineda | Nov 15, 2016 11:04AM

The military community makes many of the same consumer decisions as their civilian counterparts. We all need to manage our money – and avoid rip-offs. But servicemembers and their families also face unique challenges, like frequent relocations and deployment. When a permanent change of station is on the horizon, a military family needs to rent or buy a new place to live, manage money while on the move, and be vigilant about dealing with businesses in an unfamiliar locale. A servicemember’s regular paycheck from Uncle Sam can make them a target for scammers.

Continue Reading Military Consumer: Sound Off!

Un-suit-able?

By: Lesley Fair | Jun 17, 2016 12:22PM

For swimmers struggling to stay afloat, imagine this good news/bad news scenario. The good news: Someone throws a life preserver in your direction. The bad news: It’s made of concrete. According to an FTC lawsuit, that’s a rough analogy to the services that Damian Kutzner, Brookstone Law, Advantis Law, attorney Vito Torchia, Jr., and others offered to consumers caught in the undertow of foreclosure.

Continue Reading Un-suit-able?

Will a $63 million FTC-CFPB settlement encourage Green Tree to turn over a new leaf?

By: Lesley Fair | Apr 21, 2015 1:07PM

As the name suggests, Green Tree Servicing was supposed to service homeowners’ mortgages by collecting and crediting monthly payments. But according to a $63 million settlement announced by the FTC and CFPB, rather than service, Green Tree gave many homeowners the business.

Continue Reading Will a $63 million FTC-CFPB settlement encourage Green Tree to turn over a new leaf?

Peace, love, and understanding

By: Lesley Fair | Mar 12, 2015 10:57AM

“What’s so funny ‘bout peace, love, and understanding?” Elvis Costello asked that musical question back in the day. The Memorandum of Understanding between the FTC and CFPB – which the two agencies just reauthorized for a three-year period – shows that when it comes to protecting consumers, ensuring a vibrant marketplace for financial products and services, and using resources efficiently, we're in harmony.

Continue Reading Peace, love, and understanding

This time it's personal

By: Lesley Fair | Jul 16, 2014 10:42AM

Ask most people to name the streets in the neighborhood where they grew up and they’ll tell you Maple Lane or Sycamore Drive. Ask a military kid – ask this military kid – and she’ll mention Tank Destroyer Boulevard and Hell on Wheels Avenue. Years ago, if you drove down Tank Destroyer and exited the East Gate of Fort Hood, the neon signs advertising “zero down,” “E-Z credit,” or “low monthly payments” lit up the Central Texas sky like a discount aurora borealis.

Continue Reading This time it's personal

Deceptive mortgage ads hit close to home

By: Lesley Fair | Jun 12, 2014 2:50PM

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.

Continue Reading Deceptive mortgage ads hit close to home

The truth is out there

By: Lesley Fair | Jul 11, 2013 5:45PM

Earlier this week was the 66th anniversary of the so-called Roswell UFO incident.  No, Mulder and Scully aren't on temporary assignment to the FTC and we don’t have any “now it can be told” government news on the subject.  But we can offer insights into what happening on MARS:  the Mortgage Assistance Relief Services Rule.  As X Files fans would say, "The truth is out there," but one place it appears to be lacking is in promotions making overhyped promises to homeowners in financial trouble.

Continue Reading The truth is out there

FTC's record-setting Do Not Call settlement: 4 tips for business and one candid suggestion

By: Lesley Fair | Jun 28, 2013 11:12AM

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

Continue Reading FTC's record-setting Do Not Call settlement: 4 tips for business and one candid suggestion

2LEGIT2QUIT?

By: Lesley Fair | Apr 11, 2012 10:23AM

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.

Continue Reading 2LEGIT2QUIT?

Pages