Illinois Attorney General Turns the Heat Up on Reverse Mortgage Abuses

Published on:
21 February 2012 at 05:47 a.m. ET

Written by: Mike Bevel –

http://www.insidearm.com/news/00007766-illinois-attorney-general-turns-the-heat-/

Speaking of governmental scrutiny, Illinois Attorney General Lisa Madigan has her eyes locked on reverse mortgages and their effect on senior citizens.

Madigan’s office is seeing an uptick in the amount of consumer complaints about reverse mortgages.

This battle against reverse mortgages has become something of a Madigan thing: last year, Madigan filed suits against two mortgage lenders for using unfair and deceptive marketing practices to solicit seniors for reverse mortgages.

The CFPB is interested in reverse mortgage abuses, too.