FTC Wins $7.5 Million Penalty in Do Not Call List Violation
June 28, 2013 8:20 AM
comment(s) - last by
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.
This article is over a month old, voting and posting comments is disabled
MIC cold called me and.....
6/29/2013 7:28:07 PM
I kept ignoring the unknown number for a long time. They were relentless, calling at varied hours. Finally I answered, realized it was a cold call, and warned them I was registered on the Do Not Call list. "WE DON"T CARE" was the basic reply.
Long story short, for ME, the loan was actually very beneficial. So I took the loan. Then reported them to the FTC. Lol.
It gives me great satisfaction to see them slapped with ANY fine. It will show now in any (re)search results of prospective clients, and long term it will likely result in a tremendous loss of business, thus compounding the fine.
RE: MIC cold called me and.....
Dr of crap
Dr of crap
7/1/2013 12:38:59 PM
We get the unknown number ALL the time, and it charities calling, disabled vets, red cross, ect.
I think they have INCREASED their calling in the past year or two and they are kind of annoying with the daily calling!
AND they are allowed to call even if your listed on the do not call list since they are charities!
"Folks that want porn can buy an Android phone." -- Steve Jobs
FTC and DOJ Bring Legal Action Against Do-Not-Call Violators
November 9, 2007, 2:45 PM
Twitter Senior VP: "Diversity is Important, But We Can’t Lower the Bar"
November 9, 2015, 9:59 AM
CNN Resorts to Internet Censorship to Promote Clinton Over Senator Sanders
October 15, 2015, 2:47 PM
Breaking Bad: How to Crash Google's Chrome Browser With Just 8 Characters
September 23, 2015, 11:08 AM
Quick Note: Amazon UK Offers £10 Back on Any Order £50 or Over
August 3, 2015, 12:05 PM
Editorial: Reddit Allows Itself to be Hijacked as a Hate Platform For Racist Bigots
July 21, 2015, 6:32 PM
Mozilla and Facebook to Adobe: It's Time to Kill Flash
July 20, 2015, 6:30 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information