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Bankrate.com advertisers accused of bait and switch scams
Posted on Jul 13, 2006 by Tom Fragala
WSJ has the story.
In one complaint last year, Steve Knerly, a federal law enforcement instructor in Glynco, Ga., says a bankrate.com lender failed to honor an offer for a 3.875% adjustable-rate mortgage, which it posted on the Web site and then reiterated after he went through a "pre-approval" process, according to court records. The lender said it was a mistake, but "I felt it was just a pure and simple bait-and-switch deal," Mr. Knerly said in an interview. Instead, he found an adjustable loan starting at 4.25% through a mortgage broker.
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