Foreclosure Rescue Scams

15 Mar Who is the Comptroller of Currency and What Does He Have to do with Foreclosures

Every day, newspapers, TV and radio programs and blogs like this one report about the "foreclosure crisis" in the United States. Much of the information about foreclosures comes from a federal agency called the Office of Comptroller of Currency, or OCC. The OCC is a federal agency that charters, regulates and supervises national banks in the United States as well as branches of foreign banks operating here. The OCC issues reports about the performance of banks as well as statistics regarding foreclosure activities. The OCC also issues documentation with suggested actions that banks can take to negotiate with homeowners to avoid foreclosure.
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23 Feb Congress to Take Up Mortgage Modification in Bankruptcy This Week

The entire U.S. House of Representatives is expected to take up H.R. 1106 (which now includes the provisions of HR 200) to allow for judicial modification of mortgages in chapter 13 bankruptcy this week, probably Thursday, February 27. The bill became part of a package...

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20 Jan Mortgage Foreclosure “Rescue” Service Settles FTC Unfair Trade Practices Lawsuit for $1.2 Million

On January 5, 2009, Florida-based Mortgage Foreclosure Solutions, Inc.,agreed to a $1.2 million settlement with the Federal Trade Commission. The FTC had sued the foreclosure "rescue" service in February 2008, alleging unfair and deceptive practices in violation of federal law. The defendant claimed, in numerous websites and blogs, that it could stop mortgage foreclosures regardless of consumers' payment histories or financial condition. One promotion stated, "We are so confident of our abilities to provide you with a solution in stopping your foreclosure that we guarantee our services in writing to you." The FTC's complaint further alleged that consumers were charged an upfront fee of $1,200 after calling a toll free number and being interviewed about their mortgage foreclosure; regardless of their financial condition, consumers were told they qualified for a workout plan. The FTC alleged that after receiving payment, the defendant failed to return consumers' telephone calls, or that consumers were told the defendant was working on a solution or that no solution could be achieved after all. The complaint stated that many consumers lost their homes to foreclosure, or that consumers prevented foreclosure through their own efforts.
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