FTC, Others Testify On Foreclosure Rescue & Loan Modification Scams

The Federal Trade Commission announced Wednesday:

• The Federal Trade Commission [Wednesday] told the U.S. House Subcommittee on Housing and Community Opportunity of the Committee on Financial Services that, with the rapid increase in mortgage delinquencies and foreclosures, the FTC has intensified its efforts to protect consumers from foreclosure rescue and loan modification scams. The FTC also recommended legislative and other remedies to enhance the agency’s effectiveness.

For the rest of the press release, see FTC Testifies on Efforts to Combat Foreclosure Rescue and Loan Modification Scams.

Go here to view the archived webcast.

Witness List & Prepared Testimony:

Panel One:

• Mr. James Freis, Jr., Director, Financial Crimes Enforcement Network, U.S. Department of the Treasury;
• Ms. Peggy Twohig, Associate Director, Division of Financial Practices, Bureau of Consumer Protection, Federal Trade Commission;
• The Honorable Martha Coakley, Attorney General of Massachusetts.

Panel Two:

• Ms. Lauren Saunders, Managing Attorney, National Consumer Law Center;
• Mr. Robert E. Story Jr., Chairman-Elect, Mortgage Bankers Association;
• Mr. John Anderson, Vice Chair, Federal Housing Policy Committee, National Association of Realtors;
• Mr. Scott Drexel, Chief Trial Counsel, The State Bar of California.