Industry NewsMortgage

Feds may restrict mortgage ‘rescue’ fees

Federal agencies hold fraud summit

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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.U.S. Attorney General Eric Holder and the heads of the Treasury, Housing and Urban Development, Federal Trade Commission and Financial Crimes Enforcement Network met today with attorneys general from 12 states to discuss emerging trends and proactive strategies to combat fraud against consumers in the housing markets, the Treasury Department said.The FTC also announced civil charges against two California-based companies accused of advertising that they could obtain mortgage modifications in virtually all cases, and allegedly doing little or ...