Foreclosure rescue firms under scrutiny
Federal and state regulators say the loan modification industry, which came from nowhere fast to offer help to troubled home owners fearful of losing their homes, needs regulation and oversight to prevent people from losing even more money and ending up without the help they need.
In April, the Federal Trade Commission painted the industry with a broad brush, saying the “proliferation of these mortgage relief scams” should be stopped by increased law enforcement efforts because they “target” vulnerable homeowners desperate for help.
