Tag: Mortgage industry

June 28, 2013

CFPB Takes Action Against ‘Abusive’ Acts by Debt-Relief Company

Recently, the Consumer Financial Protection Bureau, the watchdog agency of the financial industry, has proved that it has considerable bite. Created under the Dodd-Frank act to fill gaps in regulatory coverage, the CFPB’s mandate is to enforce federal regulations that, among other things, restrict “unfair deceptive or abusive acts or practices” in consumer finance. The… Read More

December 31, 2012

Can ‘Disparate Impact’ Become the Basis for a Fair-Lending Claim?

As part of its aggressive program to protect consumers in financial matters, the Consumer Protection Financial Bureau (CFPB) has announced that it is prepared to adopt a controversial “disparate impact” theory of liability against lenders. A case that the U.S. Supreme Court may accept would have a major impact on whether the CFPB is actually… Read More

November 20, 2012

CFPB, FTC Announce Crackdown on Deceptive Mortgage Advertising

On November 19, 2012, the Federal Trade Commission and the Consumer Financial Protection Bureau announced that they have launched a new coordinated effort to protect consumers, focusing on mortgage advertisements that they say are deceptive. The CFPB and the FTC worked together to review roughly 800 mortgage ads. These ads were produced by entities involved… Read More

April 2, 2012

FTC Obtains Injunction, Asset Freeze on Alleged Mortgage Scam

The Federal Trade Commission has obtained an order from the federal court for the Central District of California for a preliminary injunction and asset freeze against all the defendants in an alleged mortgage modification scam. The complaint was filed against California-based Sameer Lakhany and a number of related corporate entities for violating the Federal Trade… Read More

November 22, 2011

Google, Microsoft Assume Roles of Judge, Jury and Executioner on the Web

Google, Yahoo! and Bing have suspended their accounts with hundreds of advertisers and agents associated with mortgage programs under federal investigation. The move by Google and Microsoft (Microsoft powers Bing and Yahoo!) has basically shut down these businesses: Without the vehicle of the search engines, these sites cannot effectively generate traffic. Why did Google and… Read More

August 15, 2011

FTC’s Mortgage Acts and Practices Advertising Rule May Not Help Consumers

The FTC recently issued the Mortgage Acts and Practices – Advertising Final Rule. This rule is the FTC’s response to a congressional directive to address unfair or deceptive acts in the mortgage loan industry. Briefly, the MAP Rule (1) gives the FTC and state authorities the ability to seek civil penalties for deceptive mortgage advertising,… Read More