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FTC Seeks Consumers' Advice on Unfair Mortgage Practices

Want to give the feds a piece of your mind about unfair or deceptive mortgage lending practices? Hot under the collar about the guy who charged you a thousand bucks for help getting a loan modification? The Federal Trade Commission says it wants to hear some specifics. They've published two separate requests for comment about practices that could result in new prohibitions in these areas:

Foreclosure-prevention services. The FTC is asking for comment about for-profit services that promise to help borrowers get loan modifications and avoid foreclosure. Among other things, the FTC asks whether it should ban such companies from charging fees in advance. A comment form can be sent to the FTC through July 15. Include the words "Mortgage Assistance Relief Services Rulemaking, Rule No. R911003," and do not include any personal information that you don't want published.

Mortgage advertising and marketing. In addition to lenders' advertising practices, the FTC asks about the selection, hiring and conduct of appraisers. They also want to hear about loan servicing, including the possibility that unfair fees are charged, or that borrowers payments might not be credited fairly. You can send comments about "Mortgage Acts and Practices Rulemaking, Rule No. R911004" to this FTC web site until July 30.

By Elizabeth Razzi  |  June 8, 2009; 6:00 AM ET
Categories:  Loan modifications , Mortgages  
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