Veteran's Mortgage Refinancer Fined $7.5 For "Do-Not-Call" Violations.
The FTC has announced a civil penalty of $7.5 million, it's largest fine for a violation of the "Do-Not-Call" telemarketing rule, on one of the country's biggest refinancers of veterans' home loans.
The FTC says that Mortgage Investors Corp., based in St. Petersburg, Fla., called consumers on the FTC's National Do-Not-Call Registry and misstated the terms of available loan products during telemarketing calls between 2009 and last year.
The Mortgage Investors case represents the FTC's first action under the Obama administration to enforce the Mortgage Acts and Practices-Advertising Rule, which allows the commission to collect penalties for deceptive mortgage ads.
The penalty against the Mortgage Investors is the commission's 105th enforcement action for the Do-Not-Call provisions since 2003 and 93 so far under the Obama administration.
About 221 million U.S. consumers have registered since 2003, which the FTC calls one of the agency's "most recognized consumer protection achievements.
There are lots of bad guys out there, scheming to take money and property away from the old and poor. FTC and other Government agencies need to step up their enforcement activity a notch to put the bad guys on notice that their fraud won't be tolerated!