Friday, July 15, 2011

FTC decides not to enforce parts of MARS

Today the FTC has ruled that it will not enforce certain provisions of the MARS rules, specifically ones that apply to licensed real estate agents. There has been much gripe about MARS in the real estate community, because instead of help and protection, the rules created a lot of confusion and unnecessary barriers for the very people who are needed by the distressed sellers and by the banks - the real estate agents who can put together a short sale transaction. 

"As a result of the stay on enforcement, these real estate professionals will not have to make several disclosures required by the rule that, in the context of assisting with short sales, could be misleading or confuse consumers," the FTC said in a statement.

Short sales are hard enough as is - we need less barriers to helping distressed borrowers, not more!

HousingWire Article
FTC Press release

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