After it was announced last week that Google had suspended the advertising campaigns of nearly 400 mortgage modification scam companies, more online agencies have stepped up efforts to do the same. A government office dedicated to policing the efforts of so-called “relief programs” and protecting taxpayers has also joined the fight, shutting down many more mortgage or fraudulent foreclosure alternatives companies.
A United Front
The Office of Special Inspector General for the Troubled Asset Relief Program investigates mortgage modification and foreclosure alternative schemes. Looking for companies that offer false promises and failed services in exchange for large fees, the SIGTARP is out to identify and close operations of companies that prey on unsuspecting homeowners. This week, the SIGTARP shut down 125 more of these scams that were advertised on Yahoo!, Bing and Google.
Now part of the coalition against mortgage schemes, Microsoft, Google, Bing and Yahoo! are all on the lookout for companies using their advertising services to sell fraudulent services. Microsoft identified and shut down more than 400 internet advertisers and affiliates of online mortgage fraud schemes and has blocked all future advertising of the 125 scams identified by SIGTARP. It is anticipated that this new joint effort will reduce the number of fraudulent companies operating and advertising, while better protecting consumers.