CFPB Fines Firm $19.3 Million for ‘Bait-and-Switch’ Mortgages

CFPB Fines Bank $20 Million for 'Bait-and-Switch'Mortgages

Earlier this month the Consumer Financial Protection Bureau fined Amerisave Mortgage Corporation and an affiliate over $20 million for “bait-and-switch” practices. The firm advertised misleading interest rates, locked consumers in with steep up-front fees, failed to honor the low rates and illegally overcharged customers for third-party services. Amerisave will refund $14.8 million to the “baited” consumers and pay a $4.5 million penalty, and the firm’s CEO Patrick Markert will pay an additional $1.5 million penalty.


“Amerisave to pay $19.3M for bait-and-switch mortgage scheme,” Phil W. Hudson, Atlanta Business Chronicle

“CFPB fines deceptive mortgage company $20M,” Jeff Gelles, Philadelphia Inquirer

“CFPB Orders Amerisave To Pay $19.3 Million For Bait-And-Switch Mortgage Scheme,” CFPB press release


Short link:

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht,

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

Add to: Facebook | Digg | | Stumbleupon | Reddit | Blinklist | Twitter | Technorati | Yahoo Buzz | Newsvine

Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: