FTC closes Dominican mortgage firm - 13 WTHR Indianapolis

FTC closes Dominican mortgage firm

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WASHINGTON -

The Federal Trade Commission says it has taken action against a Dominican mortgage operation that allegedly cheated Spanish-speaking homeowners in the U.S. out of more than $2 million.

Regulators say a federal judge has frozen the assets of the Dominican Republic operation, which posed as a Chicago-based company. The scam operators allegedly offered homeowners a mortgage modification within 30 to 90 days, in exchange for a one-time advance fee of $995 to $1,500.

The FTC said homeowners received little, if anything, of value from the Dominican operation.

The agency charged a Minnesota man with a half-dozen violations of various federal laws, including falsely representing himself as an affiliate of the U.S. government.

(Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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