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FTC permanently bans brazen mortgage modification scammers

That is good news. Finally a government agency decides to do something about those types of companies. The FTC needs to keep doing this until the scammers get the message.

Justice League

Companies impersonated law firms, fined more than $20 million

A series of “law firms” and the individuals who did business on their behalf are now banned from operating in the mortgage business, after the Federal Trade Commission found that the companies were falsely promising financially distressed homeowners they would receive legal representation to prevent foreclosure or lower their mortgage payments and interest rates.

Typically, mortgage justice comes from the Securities and Exchange Commission; it’s a rarity for the FTC to step in.

According to the FTC, Edward William Rennick III, Surety Law Group and Redstone Law Group agreed to be banned from selling secured and unsecured debt relief products or services, prohibited from misrepresenting any financial products and services, and from violating the Do Not Call Registry rules, as part of a settlement.

Read on.

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