I’ve read this act and three thoughts come to mind.
It gives jurisdiction to the federal trade
commission, who is generally only concerned when
there’s interstate activity (which most foreclosure
investors don’t do).
It seems to target loan modifiers and people who
advertise they “stop foreclosure” (not the case with
most investors). A few simple disclosures in your
marketing is what is required and mainly if you are a
real estate agent.
“The FTC is issuing the Mortgage Assistance Relief Services (MARS) Rule to protect distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. Bogus operations falsely claim that, for a fee, they will negotiate with the consumer?s mortgage lender or servicer to obtain a loan modification, a short sale, or other relief from foreclosure. Many of these operations pretend to be affiliated with the government and government housing assistance programs. The FTC has brought more than 30 cases against operations like these, and state and federal law enforcement partners have brought hundreds more.”