FTC Holds Midwest Lender Liable for Broker’s Misdeeds
July 22, 2002
Federal and state regulators have announced a settlement with a Midwest subprime lender and filed suit against its broker partner for allegedly misleading consumers about their high-cost loan. Mercantile Mortgage Co. and two of its loan officers last week reached an agreement with the Federal Trade Commission, Department of Housing and Urban Development and Illinois Attorney General James Ryan to settle charges of deceptive lending practices and consumer fraud.