Predatory Lending

     WASHINGTON (CN) – The Federal Trade Commission invites public comment on new rules to eliminate predatory lending in and assistance with mortgage loans, which President Obama requested in March.

     The FTC expects to propose a rule addressing activities during the life-cycle of the loan, for example advertising, marketing, origination, appraisals, and servicing, and a rule for those who offer assistance to consumers in dealing with owners or servicers of their loans to modify them or avoid foreclosure.
     The FTC seeks public comment on unfair and deceptive acts and practices that should be prohibited or restricted. Any rules adopted are for entities, other than banks, thrifts, federal credit unions, and non-profits engaged in unfair acts and practices.

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