Feds may restrict mortgage 'rescue' fees

Federal agencies hold fraud summit

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

The Federal Trade Commission is reportedly considering banning foreclosure rescue and loan modification companies from collecting fees in advance, and new restrictions on how those companies can advertise their services as part of a crackdown on fraud.

The Obama administration said today it’s acting pre-emptively with state attorneys general to combat fraud against consumers in housing markets, such as foreclosure rescue and loan modification scams.