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Administrative/Regulatory

Nov. 27, 2010

FTC Limits Loan Modification

Lawyers are largely exempt from new federal rules meant to protect consumers from fraudulent mortgage-modification services.


By Don J. DeBenedictis


Daily Journal Staff Writer


Lawyers are largely exempt from sweeping new federal rules meant to protect consumers from fraudulent mortgage-modification and foreclosure-rescue services, thanks to lobbying by the California Bar Association, the American Bar Association and other lawyer groups.


The rules issued by the Federal Trade Commission last week generally prohibit the services from collecting any advance fees at all. ...

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