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Friday, October 12, 2007

Federal Trade Commission warns some mortgage ads still deceiving consumers




October 11 2007 MarketWatch.com
Some of the mortgage advertisements currently appearing in Web sites, newspapers, magazines, direct mail and unsolicited email and faxes may be violating federal law, and on Tuesday the Federal Trade Commission said it was sending warning letters to more than 200 advertisers and media outlets informing them of the possible violations. "Many mortgage advertisers are making potentially deceptive claims about incredibly low rates and payments, without telling consumers the whole story -- for example, that these low rates and payments apply for a short period only and can go up substantially after the loan's introductory period," said Lydia Parnes, director of the FTC's Bureau of Consumer Protection, in the release. "Homeownership is the American dream, but it can become a nightmare for consumers who don't have the information they need to understand the terms of their mortgage."

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