On July 23, 2014, the Consumer Financial Protection Bureau and the Federal Trade Commission jointly issued an announcement, entitled "CFPB, FTC and States Announce Sweep Against Foreclosure Relief Scammers."
It seems that the perps are out in full force, using deception and false promises to "collect more than $25 million in illegal fees from distressed homeowners."
The Bureau and the FTC were joined, as well, by 15 states, letting the world know about their collective "sweep against foreclosure relief scammers that used deceptive marketing tactics to rip off distressed homeowners across the country."
Indeed, the Bureau is filing three lawsuits against the perps, those companies and individuals that allegedly collected more than $25 million in illegal advance fees for services that falsely promised to prevent foreclosures or renegotiate troubled mortgages.
The CFPB seeks compensation for victims, civil fines, and injunctions against the scammers. The FTC is filing 6 lawsuits of their own, and the states are taking 32 actions.
In this article, I provide an outline of the announcement and its implications, citing the particular foreclosure relief firms that are the subject of the foregoing actions.
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