The Federal Trade Commission has launched a nationwide crackdown on subprime mortgage companies that overcharge or deceive elderly and minority borrowers.

"Our goal is to clean up the abuses and encourage fair competition," said David Medine, the FTC's associate director of credit practices. "We are convinced it is a national problem."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.