Regulators crack down on mortgage rescue firms

Deceptive claims, advertising alleged

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Five companies accused of using deceptive practices to market mortgage modification and foreclosure rescue services have been hit with enforcement actions by the Federal Trade Commission, and warning letters have gone out to 71 others.

The companies often use copycat names or look-alike Web sites in an attempt to appear to be a nonprofit company or government entity, make deceptive claims about their success rates, and charge up front fees, the FTC said in a press release.