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FTC Accuses Nine Of Mortgage Deceptions

CHICAGO (CN) - The FTC claims Safe Harbour Foundation of Florida, Silverstone Lending, four allied groups and their three directors cheated homebuyers by understating the annual percentage rate of loans, failing to disclose balloon payments and negative amortization, disregarding borrowers' ability to make payments, and in other ways.

Also sued are company directors Peter Porcelli, Bonnie Harris and Christopher Tomasulo, and Keystone Financial LLC, MT25 LLC. The companies are based in Clearwater, Fla., and Las Vegas.

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