Feds gets tough on shady mortgage advertisers
Excerpt:The feds warned the mortgage industry on Monday that potentially false or misleading advertisements will not be tolerated. The Consumer Financial Protection Bureau and the Federal Trade Commission announced that they have issued a total of 32 warning letters to mortgage lenders and mortgage brokers to clean up their ads. They have also opened 19 formal investigations into companies that may have committed more serious violations of law. "Misrepresentations in advertising for mortgage products pose a significant risk of harm to consumers because they can confuse and mislead consumers when they are making one of the biggest transactions of their lives,” said Kent Marcus, assistant director for enforcement at the CFPB. These enforcement actions result from an industry-wide advertising “sweep” conducted by both agencies which now enforce the Mortgage Acts and Practices Advertising Rule which took effect in August or 2011.
Keywords:
mortgage reverse mortgage mortgage brokers assistant director consumer Federal Trade Commission payments advertising refinancing affiliation enforcement mislead feds Pahl Financial rates deceptive randomly violations lenders advertisers false advertisements seals Kent logos loans cash interest rates joint mail monthly Trade insurance industry InternetPeople:
Thomas Pahl
Overall Sentiment: 0.0561355
Relevance: 0.571003
| Sentiment | Quote |
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| 0.170275 | “Our hope is through this joint effort that we will make the point that mortgage advertisers need to be very careful about the claims that they're making in their ads,” said Thomas Pahl, ... |
| 0.0129874 | “Our hope is through this joint effort that we will make the point that mortgage advertisers need to be very careful about the claims that they're making in their ads,” said Thomas Pahl, assistant director of the FTC’s Division of Financial Practices. “Both the FTC and the CFPB will be making sure claims are not being made that are deceptive which would cause harm to consumers,” |
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Kent Marcus
Overall Sentiment: 0.0125284
Relevance: 0.55735
| Sentiment | Quote |
|---|---|
| -0.0869438 | "Misrepresentations in advertising for mortgage products pose a significant risk of harm to consumers because they can confuse and mislead consumers when they are making one of the biggest transactions of their lives,” said Kent Marcus, ... |
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Additional Info:
FieldTerminology: insurance payments
Overall Sentiment: -0.0900666
Relevance: 0.778644
Organization: Federal Trade Commission
Overall Sentiment: 0.309464
Relevance: 0.78181
Organization: CFPB
Overall Sentiment: -0.0382098
Relevance: 0.619502
Organization: Financial Protection Bureau
Overall Sentiment: 0
Relevance: 0.565612
Technology: Internet
Overall Sentiment: 0
Relevance: 0.464085
Meta Details
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- cfpb
- ftc
- mortgage-crisis
- real estate
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The feds warned the mortgage industry on Monday that potentially false or misleading advertisements will not be tolerated. The Consumer Financial Protection Bureau and the Federal Trade Commission announced that they have issued a total of 32 warning letters to mortgage lenders and mortgage brokers to clean up their ads.
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Feds gets tough on shady mortgage advertisers
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