California Real Estate Fraud Report

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Consumer Financial Protection Bureau Accuses Two Men of Misleading Distressed Borrowers

A man who was accused by the government’s new consumer watchdog group of misleading homeowners about being able to negotiate lower mortgage payments may be settling the complaints against him.

Abraham Michael Pessar was accused in July by the Consumer Financial Protection Bureau of charging illegal advance fees. The agency said Pessar and Chance Gordon made little or not effort to help the consumers who contacted them with aggressive mail marketing that included the logos of government agencies and a post office box address in Washington, DC. The phone operators for their business sometimes suggested that in order to qualify for lower mortgage payments, borrowers show cease making their monthly mortages.

The Consumer Financial Protection Bureau said Pessar has agreed not to dispute the allegations against him. Chance Gordon’s attorneys are denying the charges and directing the fingerpoint of blame at Pessar.

Read the original article in the Silicon Valley Mercury News.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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