Ok, I’ll admit that the title “Bad Ads Banned?” really stinks but it’s the best I could come up with before I head off to lunch. Everyone who reads the newspaper or listens to the radio has heard the mortgage ads promising super low mortgage payments, super low mortgage rates, and paying off your mortgage in seven years. These ads are basically marketing efforts by less than reputable mortgage companies. The Colorado Attorney General has had enough and is now cracking down on these ads according to the Denver Post article, “AG cracks down on mortgage ads.”

The Colorado attorney general’s office will subpoena at least 10 area mortgage brokers and companies during the next few weeks in an investigation of possibly deceptive advertising practices, a prosecutor in the office said.

The office is focusing on mortgage companies that advertise low teaser interest rates, tout minimum-loan-payment plans and use confusing terms to describe their loans, said Jan Zavislan, deputy attorney general for consumer protection.

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