Meracord, Noteworld, and Fidelity and Deposit Company Hit With Class Action

While the flood of lawsuits against debt settlement companies has slowed considerably yet one more class action has been added against Meracord, Noteworld, and Fidelity and Deposit Company of Maryland. This time in Arizona. The complaint provides a very long description of the alleged actions and conspiracy between the debt settlement escrow company and the … Read more

A Bunch of Mortgage Relief and Loan Modification Companies Banned by FTC

Eight marketers are banned from selling mortgage modification or foreclosure relief services under settlements with the Federal Trade Commission. The FTC alleged that the marketers charged homeowners up-front fees and falsely claimed they could get their mortgage loans modified or prevent foreclosure on their homes. The settlements in three separate actions are part of the … Read more

FTC Hits Mortgage Relief and Foreclosure Rescue Scams Hard

As part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners, the Federal Trade Commission announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services. FTC settlement orders ban 16 marketers from the mortgage modification or foreclosure relief business. The promoter of … Read more

Federal and State Agencies Target Mortgage Foreclosure Rescue and Loan Modification Scams

Federal and State Agencies Target Mortgage Foreclosure Rescue and Loan Modification Scams July 15, 2009 FTC Leads “Operation Loan Lies” to Stop Fraud and Help Distressed Homeowners Federal Trade Commission Chairman Jon Leibowitz, joined by California Attorney General Jerry Brown, today announced Operation Loan Lies, a coordinated national law enforcement effort to crack down on … Read more

Foreclosure Rescue and Mortgage Modification Help Just Bad Actors in New Clothes

The New York Times has a great article out about the transformation of subprime mortgage brokers into new entities that promise to sell help for people to get mortgage help. Late last year, he and his team — ensconced in the same office where they used to broker mortgages — began working for a loan … Read more

New York Attorney General Goes After Loan Modification and Foreclosure Rescue Companies for Screwing Consumers

Attorney General Andrew M. Cuomo announced his office is taking legal action against a leading New York foreclosure rescue company for charging illegal up-front fees and engaging in consumer fraud. The company targets homeowners facing foreclosure by claiming that it can save their homes, but often fails to provide the services promised. The Attorney General’s … Read more

FBI & FTC Investigating Foreclosure Rescue Companies and Loan Modification Schemes

The Federal Trade Commission today announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC is seeking to halt the proliferation of these mortgage relief scams – which target distressed and vulnerable consumers who are delinquent or facing foreclosure – through increased law enforcement, consumer outreach, and close … Read more