FTC Cutting Back on MARS Rules Enforcement on Short Sale Agents
The Federal Trade Commission recently released a statement reporting that Real Estate agents “in good standing” will no longer have to abide by some MARS Disclosure requirements in assisting clients with short sales (the rules still apply to other transactions). The FTC will forebear enforcement only to real estate brokers (and agents under their direction […]
FTC Refunds Millions of Dollars to 450,000 Cheated Homeowners
Today, various news outlets have reported the Federal Trade Commission is issuing refund checks to homeowners that were overcharged by Countrywide Home Loans, Inc. These checks are a product of the FTC’s hefty settlement with Countrywide, which was made June of last year, after the FTC’s investigation uncovered severe inaccuracies in the Countrywide billings to […]
Government Arrests Mortgage Lenders
As part of Operation Stolen Dreams, the government’s push against mortgage fraud, federal authorities investigated 1,215 criminal defendants allegedly responsible for more than $2.3 billion in losses and made 485 arrests. Unlike previous mortgage fraud sweeps, Operation Stolen Dreams focused on federal criminal cases as well as civil enforcement, recovering money for victims and increasing […]