Refund checks are being distributed by the Federal Trade Commission to borrowers lured by a firm charged with deceptive advertising that offered 3.5 percent, fixed-payment, 30-year mortgage loans.
Chase Financial Funding Inc. allegedly duped consumers into signing up for adjustable rate mortgages in which the principal balance would increase if they made payments at the advertised rates, according to a 2004 FTC lawsuit.
The FTC mailed 260 checks on June 30, for $1,238 each. The refunds are the result of a settlement between the FTC and the defendants and the recent distribution of the defendants’ assets by the Bankruptcy court.
Consumers who were victimized by the company, but didn’t complain to the FTC may still qualify to receive refunds. Consumers who think they may be eligible for a refund or have questions can contact the claims administrator at 877-789-9498.
For more information, see "FTC Mails Redress Checks to Borrowers Misled by Chase Financial Fundings Inc.’s Allegedly Deceptive Mortgage Ad."
The settlement in this case doesn’t constitute an admission by the defendant of a law violation.
