Skip to main content

Sacramento Man Sentenced for Role in Loan Mod Scheme
Jan 10, 2013

Frank Ferris of Sacramento, Calif., pled no contest to one felony count of grand theft and three misdemeanor counts of collecting illegal up-front fees for loan modification services. Ferris was involved with Turbo Mortgage Modification, a business that provided mortgage modification services. On multiple occasions, Ferris demanded and collected illegal up-front payments from clients before services were performed. The Honorable Kevin J. McCormick sentenced Ferris to five years of formal probation and ordered him to serve one year in the county jail. Given his age and health conditions, the Sheriff's Department may allow Ferris to serve his time through alternative sentencing. In addition, Ferris was ordered to pay $72,271.90 in victim restitution. Ferris has been disbarred from practicing law by the State Bar of California. Ashik Azeez and Vicente Perez, who were involved in the loan modification business with Ferris, were previously convicted and sentenced on misdemeanor charges. In a separate matter, while representing a victim in a civil case, he received $10,000 in trust to apply towards a settlement of the victim's legal matter. Instead, Ferris misappropriated the funds for his own personal use, causing a default judgment to be entered against the victim. The victim later discovered the judgment and had to hire another attorney to vacate the judgment and resolve the matter. In addition, Ferris failed to return $50,000 he received as an investment from another client and instead wrote that client non-sufficient fund checks. Sacramento District Attorney Jan Scully announced the sentence. This case was investigated and prosecuted by the Sacramento County District Attorney's Office Real Estate Fraud Unit.
Jan 10, 2013
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