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Mortgage lead generator will pay $225,000 to settle FTC deceptive advertising claim
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Consumer Protection
Tuesday, May 13, 2014
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An online mortgage lead generator will pay a $225,000 civil penalty to settle Federal Trade Commission charges that it deceived consumers about mortgage terms. The FTC said GoLoansOnline.com, a Houston-based lead generator that operates several websites that advertise mortgages, advertised low interest-rate loans as fixed-rate mortgages when those loans were really adjustable-rate mortgages. The FTC said the company violated the Mortgage Acts and Practices Advertising Rule, as well as the Truth in Lending Act.
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