The former general counsel of Capital City Mortgage Corp., a Washington, D.C.-area mortgage lender whose lending practices the Federal Trade Commission is challenging in federal court, has settled FTC charges that his actions violated federal law. The consent decree against Eric J. Sanne permanently bars him from participating in any debt-collection business and orders him to pay $20,000. The consent decree and order is for settlement purposes only and does not constitute an admission by Sanne of a law violation. In January 1998, the FTC filed a complaint against Capital City and its president, Thomas K. Nash, alleging that the defendants deceived consumers about various loan terms leading to inflated monthly balances, overdue balances, service fees and pay-off amounts. The FTC's complaint stated that these practices led to foreclosure in many instances. The FTC also alleged the defendants foreclosed on borrowers who were in compliance with their loan terms and failed to release li...
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