New York attorney general Andrew Cuomo is turning his efforts on loan mod companies. On Tuesday, Cuomo’s office announced it intended to file suit against a well-known mod company. Cuomo says his investigation found the company charged hefty up-front fees in violation with state law and advertised falsely that it saw a 90 to 100% success rate. The AG’s office also alleges the company didn’t provide necessary contracts that would have included a required notice of right-to-cancel. “This economic climate has bred an environment in which scam artists and opportunists are able to prey on vulnerable consumers on the brink of losing their most valuable possession — their home,” Cuomo said.
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