Watch for deceptive mortgage advertising
By Laurie Scalf
Some of the mortgage advertisements appearing in Web sites, newspapers, direct mail and unsolicited e-mail may be violating federal law. The Federal Trade Commission is to send warning letters to more than 200 advertisers and media outlets informing them of the possible violations. The letters being sent to advertisers advised them to review their ads and read up on relevant laws. Media outlets were given guidance on screening ads for questionable claims.Some of the claims made in the ads are "potentially deceptive," or violating the Truth in Lending Act, according to a FTC news release. The advertisements were claims that these mortgage companies had very low monthly payments or interest rates without fully disclosing other important loan terms.For instance, the low rates and payments ...