Saturday, February 11, 2012
Discretionary mortgage rates and fees could violate federal law
In a legal settlement with Gateway Funding Diversified Mortgage Services, the FTC alleged that minority refinancers and home buyers were charged more than similar white applicants.
With mortgage rates at historic lows — 4.75% from several lenders in mid-December — a new legal settlement from the Federal Trade Commission offers a cautionary note for consumers, especially if they are minorities: Watch out. The rates and fees you’re quoted could violate federal law.
Discretionary mortgage rates and fees could violate federal law
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