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Violation Tracker Individual Record

Company: Mercantile Mortgage Company, Inc.
Penalty: $250,000
Year: 2002
Date: July 18, 2002
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: The Federal Trade Commission, the U.S. Department of Housing and Urban Development and the State of Illinois announced that subprime lender Mercantile Mortgage Company, Inc. agreed to settle allegations that the company deceived borrowers about the terms of their loans in violation of the Federal Trade Commission Act and the Illinois Consumer Fraud and Deceptive Business Practices Act. The settlement required the company to make a $250,000 payment for consumer redress and create a program to offer refinanced loans on favorable terms to certain borrowers with balloon loans.
Level of Government: federal
Action Type: agency action
Agency: Federal Trade Commission
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.