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Home lender lied about loan specifics in addition to calling 5.4 million people on the national DNC registry

The Federal Trade Commission announced this week that it has won a massive civil penalty against Mortgage Investors Corporation for violating Do Not Call List statutes. The FTC says it won a $7.5 million civil penalty against the mortgage company for calling up 5.4 million numbers that are on the national Do Not Call Registry.

Mortgage Investors Corporation is said to be one of the largest financers of veteran's home loans. The FTC alleges that the mortgage company not only called consumers who were on the national Do Not Call Registry, but that it failed remove consumers from its call list when they asked and misstated terms of available loans during their telemarketing calls.

The people targeted were current and former U.S. military personnel, and the actions constitute a violation of the Telemarketing Sales Rule. The FTC says that the telemarketers misled consumers into believing that low interest, fixed-rate mortgages were available at no cost and often quoted rates to consumers that they implied by that would last the duration of their loan.

The FTC says that in reality the product the company was offering was an adjustable-rate mortgage where the payments would increase with rising interest rates and would require the consumer to pay closing costs. Mortgage Investors Corporation also allegedly misled consumers about its affiliation with the Department of Veterans Affairs.
 
The announcement of the $7.5 million fine came on the 10-year anniversary of the national Do Not Call Registry.

Source: Network World



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RE: "Massive"
By maverick85wd on 6/28/2013 12:26:39 PM , Rating: 3
except the rich guy pays a lawyer and gets the points removed.


RE: "Massive"
By guffwd13 on 6/28/2013 3:46:25 PM , Rating: 2
I had a speeding ticket in the state of Colorado. I live in PA. I couldn't attend any courts or take any classes to remove the points. So I was like, thanks stupid hole-in-the-wall cop who sets speed traps specifically to catch people off guard when crossing from Kansas to CO.

Then they told me I could pay an extra $150 on top of the fine and the ticket goes away like it never happened. I was like, seriously?? That's all I have to do? That's so very wrong! But,....um yeah.... done!


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