ESTATE


New advertising rules for mortgage brokers
2009/03/20, 7:22 pm
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New Advertising Rules for Mortgage Brokers
The Federal Trade Commission is using its new powers, as authorized by Congress this month, to ban deceptive advertising and servicing procedures by mortgage brokers, FTC Chair Jon Leibowitz said.

New regulations on mortgage brokers are needed because “a lot of the advertising is clearly, facially deceptive” and “a lot of mortgage holders have been deceived” Leibowitz the Bloomberg news service in an interview.

Abusive and deceptive lending is “not the only reason for this problem” of foreclosures “but it is one of the reasons we are in this mess,” he added.

He promised that new regulations would be in place by year’s end.

Source: Bloomberg, James Rowley (03/20/2009)

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