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Misleading Mortgage Ads

Misleading Mortgage Ads.

By Michael Mapes, The Responsible Mortgage Lender

The Federal Trade Commission (FTC) announced today a stepped up surveillance of deceptive mortgage advertising, and it has warned 200 mortgage brokers and media outlets of the violations. Included in the guidance where suggestions of mortgage lenders and advertisers touting low rates that either did not exist or accurately disclose the true cost of credit.

In June the FTC concluded a nationwide review of mortgage advertisements and found that a majority violated the Federal Truth in Lending Act. Many of these advertisers touted rates as low as 1% but failed to adequately disclose the actual true interest rate and cost or the actual Annual Percentage Rate.

Posted by Michael Mapes-Suntrust Mortgage on 09/13/2007 10:23 PM

Comments (5)

misleading mortgage ads

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5 Comments on Misleading Mortgage Ads

SEP

2007

Kind of like putting a bandaid on a person that's been in the morgue for a week. It doesn't work too well!

bandaid

OH that is funny,

Michael

I was thinking of that today when I was listening to the talking heads on the financial news channel discussion how they didn't understan how the stock market was going up, that Wall Street was wringing its hands last week and looking like there was a big party this week...but that they were really worried what the Fed was going to do next week. They siad we really couldn't use the term recession until the data is is! I was thinking it's to late them! They just tallied dthe jobs lost in the mortgage s and immediate fallout to related industries as 114,000 and they are acting like there are no problems, and nevermind! None of it makes any sense! The way I see it, is Houston we have a problem!

I think I like the band aid comment - a little too late, I have to agree!

SEP

2007

I am glad to hear the FTC is taking a look at this. There has been too much abuse for too long of a period of time. I saw a real borderline lending ad. on th TV tonight from a big bank that made my hairs stand up straight. Its scary out there and a lot of consumers do not understand these ads.

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