Debt Settlement Companies Watch Out. Debt Settlement Talks Getting Serious Now About Banning Up-Front Fees.

Missouri Attorney General Chris Koster will meet with both Secretary of the Treasury Tim Geithner and Attorney General Eric Holder in Washington, D.C. to discuss Missouri’s efforts to pursue businesses engaged in mortgage fraud. Geithner and Holder invited Koster and several other Attorneys General from around the nation to meet with them to discuss the problem and possible solutions. Also present at Thursday’s meeting will be HUD Secretary Shaun Donovan and FTC Chair Jon Liebowitz.

The officials invited Koster for his role as part of a multi-state task force addressing the issue of mortgage fraud. In addition to Koster, the Attorneys General from Arkansas, Connecticut, Illinois, Iowa, Maryland, North Carolina and Rhode Island will be present.

In July, Koster testified before the United States Senate on steps Missouri is taking to address foreclosure-relief and debt-settlement scams in Missouri, and what Congress could do to address the issue nationwide. Koster recommended Congress pass a law similar to Missouri’s ban on up-front fees for these types of businesses. Koster said the ban on up-front fees is one of the state’s most valuable tools for cracking down on businesses engaged in mortgage-relief fraud, and is important to consumers in recognizing when a business is not legitimate.

In April Koster announced a “zero tolerance” campaign against mortgage fraud, and since that time his office has filed suit against seven businesses and has a number of other mortgage fraud investigations underway.

Sincerly,


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