Securities Fraud Lawyers Blog
Reverse Mortgage Companies See Reversal of Fortunes
This week, the Consumer Financial Protection Bureau (CFPB) announced charges against three top reverse mortgage companies with false claims and deceptive advertising. These companies lured consumers into reverse mortgage contracts under the claim that they would not stand a chance of losing their homes, among other promises.
American Advisors Group, Reverse Mortgage Solutions and Aegean Financial have all been ordered to cease deceptive advertising, comply with regulations and pay penalties by the CFPB.