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."