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FTC Investigating EMC.
Washington -- The Federal Trade Commission's multiyear investigation into the servicing practices of EMC Mortgage Corp. has finally placed the Bear Stearns & Co. affiliate in hot water.
FTC director of consumer protection Lydia Parnes told a Senate panel that FTC staff "believes EMC and its parent, Bear Stearns, have violated a number of federal consumer protection statutes in connection with its servicing activities."
FTC staff is prepared to file a compliant against the Lewisville, Texas, servicing company, she said, but the company has agreed to "engage in discussions" that could lead to a resolution through "consent" negotiations. "The FTC cannot comment further on this ongoing law enforcement ...
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