Short-sale agents get MARS exemptions

Provision relating to misrepresentations still in effect

The Federal Trade Commission says it will exempt real estate brokers and agents assisting clients in obtaining short sales from most provisions of new rules intended to protect consumers from foreclosure rescue scams.

Real estate brokers and agents complained that the "consumer specific" disclosure forms the FTC introduced as part of its Mortgage Assistance Relief Services (MARS) rule were confusing, because they addressed services provided by loan modification companies, not real estate agents.