According to the FTC, 30 Minute Mortgage, Inc. sent spam and
maintained web sites where it advertised "3.95% 30 year
mortgages."
The company urged potential customers to complete detailed
on-line loan applications, including names, addresses, phone
numbers, social security numbers, employment information, income,
first and second mortgage payments, and asset/account types and
balances. The information was then sold or offered for sale, says
the FTC. It adds that the company does not realy provide
mortgages.
The company's assets have been frozen, and the company and its
directors have agreed to halt their business until the court issues
a final ruling on the FTC's allegations.
The FTC charged the operation with violating the FTC Act, the
Truth in Lending Act, the Gramm-Leach-Bliley Act, and the FTC's
Privacy Rule, and will ask the court for a permanent ban and to
order the defendants "to give up their ill-gotten gains."
