As businesses executives have noticed, recent changes in the credit laws reflect a move toward more transparency. For example, it’s generally lawful to factor a consumer’s credit history into your decision about what rate to offer them. But last year, the FTC and Federal Reserve Board shed a little more light on that process by implementing the Risk-Based Pricing Rule.
Homeowners in financial trouble aren’t getting a lot of great news these days. But 450,177 of them will be getting a check in the mail that represents their share of the FTC’s $108 million settlement with mortgage giant Countrywide. And companies that take advantage of Americans struggling to pay the bills will be getting a little something, too: a strong message from the FTC that unfair or deceptive practices targeting cash-strapped consumers won’t be tolerated.
Perhaps you see cops on the beat when they pass by your office. Maybe you serve on a committee with the Chief of Police or have a relative in the Sheriff’s Department. However you cross paths with local law enforcement, do them — and yourself — a favor by telling them about Consumer Sentinel.
Today, the FTC announced it won't enforce most parts of the Mortgage Assistance Relief Services (MARS) Rule against real estate brokers and their agents who help consumers with short sales. A short sale — a phrase consumers have heard a lot recently — is the sale of a home for less than the homeowner owes on the mortgage, and where the bank accepts the sale proceeds instead of foreclosing.