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CFPB files UDAAP complaint against mortgage payment middlemen
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Case Law, Consumer Protection
Tuesday, May 19, 2015
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The Consumer Financial Protection Bureau filed a complaint against two companies and their owner for allegedly misleading consumers about the amount of interest they would save on their mortgage by enrolling in a biweekly payment program. The bureau charged the companies with UDAAP violations after it found that upfront and payment processing fees were greater than the amount of interest consumers saved during the first several years of the program.
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