Lead generator fined for peddling ARMs as fixed-rate mortgages

Lead generation company GoLoansOnline.com will pay $225,000 to settle Federal Trade Commission charges that it deceived consumers about the terms of the mortgages it offered, Consumer Affairs reported.

The FTC alleged the company advertised low-interest-rate, adjustable-rate mortgages (which can become more expensive for borrowers over time) as fixed-rate mortgages and failed to disclose important loan terms, such as amount of down payment, that figured into the advertised rates.

Source: consumeraffairs.com