CFPB, California Courts Shut Down Two Foreclosure Scams

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Posted To: MND NewsWire

Based on complaints from the Consumer Financial Protection Bureau ( CFPB ) a California court has shut down the operations of two alleged loan modification scams based in the state but operating throughout the U.S. CFPB said it believes that thousands of homeowners were defrauded of more than $10 million by the Gordon Law Firm and the National Legal Help Center. CFPB's complaints allege violations of the Dodd-Frank Act and Regulation O, formerly known as the Mortgage Assistance Relief Services Rule . These laws prohibit unfair, deceptive, or abusive acts or practices and protect distressed homeowners from mortgage relief scams. Both complaints allege that the defendants: Illegally charged large upfront fees before services were provided. The defendants in both cases allegedly collected fees...(read more)

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Source: www.mortgagenewsdaily.com

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