Posted by OR on 2/12/10 9:44am
Msg #322553

FTC Proposes Rule for loan mods

http://www.ftc.gov/opa/2010/02/mars.shtm

Reply by PAW on 2/12/10 10:20am
Msg #322563

I think this is the direct result of a lot of state Governors and Attorneys General pressuring the fed to do something. More than a dozen states passed the same type of legislation (at the state level) for consumer protection. Unfortunately, the ability of cross-border mortgaging still allowed unscrupulous companies to screw the homeowner. With the FTC enacting new rules, the fed can put the pressure on many of these companies without further congressional legislation. But, there are still limitations with the proposed rule as it would apply only to entities within the FTC’s jurisdiction under the FTC Act, which excludes, among others, banks, thrifts, and federal credit unions.

Reply by Shoshana/AZ on 2/12/10 10:28am
Msg #322566

Those are not the entities that are going to charge huge fees anyway. Mostly it's the independent entities that do it, as well as attorneys and multilevel markeing companies that do it.
Last week I got an email from my neighbor who is recruiting for an MLM that does credit repair. I told her as nicely as I could that I have a reputation to maintain. When a client needs credit repair I refer them to people I know who are ONLY in the credit repair business.

Reply by Shoshana/AZ on 2/12/10 10:23am
Msg #322565

I actually posted on that below under the thread that

Desktopfull started. See my post "I wonder".