Items Tagged with 'Federal Trade Commission'

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Federal Trade Commission chair Edith Ramirez resigns

President-elect Trump will staff another top financial regulator
Recently, Mary Jo White announced that she planned to step down as the chair of the SEC at the end of the Obama administration. President-elect Donald Trump selected Jay Clayton, a top Wall Street lawyer who represented Goldman Sachs, Bear Stearns, Ally Financial, Barclays Capital and others, to serve as the new chair of the SEC. Now, another one of the Obama administration’s top financial regulators announced that she plans to step down, giving Trump another opportunity to pick the new head of a financial regulator.
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FTC permanently bans more mortgage relief scammers

More punishment from sweeping mortgage modification fraud investigation
For the second time this month, the Federal Trade Commission announced that one of the subjects of a sweeping enforcement action from 2014 is permanently banned from operating in the mortgage loan modification and debt relief business.
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FTC permanently bans brazen mortgage modification scammers

Companies impersonated law firms, fined more than $20 million
A series of “law firms” and the individuals who did business on their behalf are now banned from operating in the mortgage business, after the Federal Trade Commission found that the companies were falsely promising financially distressed homeowners they would receive legal representation to prevent foreclosure or lower their mortgage payments and interest rates.
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Schatz, Warren, Feinstein want FTC investigation of AirBnb, short-term rental industry

Democratic senators worry about impact on housing costs, availability
Three Democratic senators are concerned about the impact of short-term home rental companies like AirBnb, HomeAway, VRBO, and Flipkey on communities' housing markets and want the Federal Trade Commission to investigate. Here's what Sens. Brian Schatz, Elizabeth Warren, and Diane Feinstein think of the short-term rental industry.
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FTC shuts down "appalling" multi-million dollar mortgage relief scam

Law firms accused of falsely promising rescue from foreclosure
The Federal Trade Commission halted a massive mortgage relief scheme perpetrated by a series of law firms, which falsely promised to help struggling homeowners save their homes in exchange for hundreds or thousands of dollars in legal fees. One senior FTC official called the scheme "appalling."
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From HW Magazine

Outsourcing: How to manage your weakest link

Two critical areas with third-party vendors
Unfortunately, as regulators take a harder look at third parties and their shortcomings, it often leads them straight back to the lenders and servicers who are supposed to be managing them. And with the financial penalties for third-party violations so significant, that’s the last thing lenders and servicers need.
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Walter Investment CEO stepping down

Mark O’Brien announces retirement; Denmar Dixon named CEO
Coming just one month after Walter Investment Management Corp. agreed to pay $29.63 million in fines to settle charges brought by the Department of Justice, the company announced Monday that Mark O’Brien, the company's chairman and CEO, is retiring this week.
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What’s the impact of Green Tree’s $63 million fine?

Moody’s weighs in on company’s future
Unsurprisingly, Green Tree Servicing could be facing several negative outcomes, including a potential downgrade to its servicer ratings, in the wake of its $63 million fine from the Consumer Financial Protection Bureau and the Federal Trade Commission. A new report by Moody's details what could be in Green Tree's future.
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CFPB and FTC fine Green Tree $63 million for “mistreating borrowers”

CFPB: Green Tree harassed and threatened overdue homeowners
The Consumer Financial Protection Bureau and the Federal Trade Commission are taking action against Green Tree Servicing for “mistreating borrowers” who were attempting to save their homes from foreclosure. According to the CFPB and the FTC, Green Tree failed to honor modifications for loans transferred from other servicers, demanded payments before providing loss mitigation options, delayed decisions on short sales, and harassed and threatened overdue borrowers. Here is Green Tree's response.
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