Posts tagged as:

unfair and deceptive mortgage

Mortgage ruling could shock U.S. banking industry

by Moe Bedard

A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law.
The case began like hundreds of others filed since the U.S. housing boom spawned a rise [...]

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Brown Sues Countrywide For Mortgage Deception

by Moe Bedard

LOS ANGELES–California Attorney General Edmund G. Brown Jr. today sued Countrywide Financial, its chief executive Angelo Mozilo, and president David Sambol, for engaging in deceptive advertising and unfair competition by pushing homeowners into mass-produced, risky loans for the sole purpose of reselling the mortgages on the secondary market.
“Countrywide exploited the American dream of homeownership and [...]

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Section 5 of the FTC Act – Unfair and Deceptive Mortgages?

by Moe Bedard

Section 5 of the FTC Act Facts : 
The FTC Act provides a comprehensive framework for carrying out the Commission’s law enforcement initiatives. In executing its consumer protection law enforcement responsibilities, the Commission can rely both upon Section 5 of the FTC Act — which prohibits unfair or deceptive acts or practices — and upon a [...]

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