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Mortgage Lenders Settle FTC Deception Charges

Mortgage Lenders Settle FTC Deception Charges

Posted on January 11, 2009 by Chief Marketer Staff

Three firms that deceptively advertised mortgages have settled civil charges filed by the Federal Trade Commission, the FTC said last week.

The FTC charged all three with violating the Truth in Lending Act and its Regulation Z by stating payment amounts but failing to clearly disclose the terms and the annual percentage rate.

The defendants include American Nationwide Mortgage Co.; Shiva Venture Group Inc., doing business as Innova Financial Group; and Michael Gendrolis, doing business as Good Life funding.

The settlements will bar the outfits from advertising a

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