Skip to main content

Arizona broker pleads guilty to six counts in cash back fraud scheme
Nov 13, 2009

Jeffrey Todd Crandell, 33, of Mesa, Ariz., pleaded guilty on Nov. 9 to six counts of bank fraud for his role in a mortgage fraud scheme. Sentencing will take place Feb. 22, 2010, before U.S. District Judge G. Murray Snow. Crandell was the leader of a sophisticated cash-back mortgage fraud scheme. In 2005, he obtained the rights to various parcels of real estate located in Queen Creek, Ariz., obscured his interest in those properties by placing them in the name of his brother-in-law, and then recruited friends and acquaintances to buy the properties for inflated prices—often hundreds of thousands of dollars more than the cost of the land. Crandell also acted as the mortgage broker for each transaction. In that capacity, he was responsible for preparing the buyers’ loan applications. Crandell included multiple lies in the applications in order to persuade the lender to approve the loans. Among other things, he inflated the buyers’ incomes and assets and stated—falsely—that the buyers would be making the downpayment. In fact, at closing, Crandell supplied the down payment on behalf of the buyers and also provided a cash kickback to them. The properties eventually went into foreclosure. Each conviction for bank fraud carries a maximum penalty of 30 years in federal prison, a $1 million fine, or both. In determining the sentence, Judge Snow will consult the U.S. Sentencing Guidelines, which provide advisory sentencing ranges. The judge is not bound by those guidelines in determining a sentence. Crandell’s conviction is part of an initiative called “Operation Cash Back” in which 40 defendants—including many real estate professionals—were indicted and arrested in June 2008. To date, 30 have been convicted through guilty pleas or following trial. The investigation in this case was conducted by the Federal Bureau of Investigation. The prosecution is being handled by Dominic Lanza, Raymond Woo and Kevin Rapp, Assistant U.S. Attorneys, District of Arizona, Phoenix. For more information, visit
Nov 13, 2009
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021