FTC Proposed Rule to Ban Deceptive Mortgage Ads

FTC Proposes Rule to Ban Deceptive Mortgage Ads

September 22, 2010

The FTC has proposed a new rule aimed at banning deceptive mortgage advertising practices, marking a significant step in its efforts to protect consumers. The rule targets misleading claims about mortgage terms, fees, and obligations across various entities including lenders, brokers, and real estate agents. If adopted, the rule would empower the FTC and states to enforce penalties for violations, enhancing current enforcement measures which typically involve injunctions. The FTC is currently seeking public feedback on the proposed rule's effectiveness and potential alternatives to ensure consumer protection without imposing excessive costs. This rulemaking follows legislative mandates and previous steps to address deceptive practices in mortgage advertising and related services.

For more information, see here: https://www.ftc.gov/news-events/press-releases/2010/09/ftc-proposes-rule-ban-deceptive-mortgage-ads

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