Because they know they'll be warned when they're caught, because they know any vagueness in the law will be interpreted in favor of business, because the buyer is the one that must beware.
The F.T.C., which has detailed guidelines on how mortgage lenders should advertise their products to comply with federal law, said the ads were identified in June as part of a nationwide review.
F.T.C. Warning on Loan Ads
By THE ASSOCIATED PRESS
WASHINGTON, Sept. 11 (AP) — The Federal Trade Commission said Tuesday that it warned more than 200 companies about “potentially deceptive” mortgage advertisements that give borrowers a false impression of the cost of home loans.
The agency said ads on the Internet, in newspapers, in magazines, in the mail, in e-mail and in faxes “may violate federal law” by making deceptive claims about their terms. It sent warning letters to advertisers and to news outlets.
The agency did not immediately make available a list of the companies it warned. [P6: Why not? It would be...useful.]
“Many mortgage advertisers are making potentially deceptive claims about incredibly low rates and payments, without telling consumers the whole story,” Lydia Parnes, director of the Bureau of Consumer Protection of the F.T.C., said in a statement.
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