FTC considers banning upfront payments

September 17, 2009 7:44:08 PM PDT
The Federal Trade Commission is considering banning upfront payments to companies which offer help to troubled homeowners.

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Those companies often charge fees in the thousands of dollars for help with loan modifications that rarely pay off.

A similar ban recently passed the California legislature and is awaiting the governor's signature. Right now 22 companies accused of operating loan modification scams are facing federal charges.

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