Items Tagged with 'PHH'

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PHH laying off more employees in New York

Cuts will leave company with 30 employees in region
Given the headlines of late, it may be easy to forget that PHH Mortgage Corp’s landmark battle with the Consumer Financial Protection Bureau isn’t the only issue the company is facing. The company is also in the middle of a significant shift in its business, necessitated by substantial changes in its mortgage servicing operations.
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Tensions escalate at House hearing on constitutionality of the CFPB

This just brings more harm than good
Well, this is awkward. Four witnesses on the constitutionality of the Consumer Financial Protection Bureau sat before a House subcommittee on Tuesday morning, lending their expert knowledge to help sort through the current state of confusion around the bureau. The only problem is that they could barely get a word in edgewise. House Republicans profusely thanked them for coming as House Democrats condemned the hearing entirely.
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Monday Morning Cup of Coffee: Trump tapping familiar face to lead DOJ's civil division?

What will become of False Claims Act charges under new leader?
It looks like President Donald Trump is about to install a familiar face as the leader of the Department of Justice’s civil division. If that happens, what happens to the DOJ's recently preferred tactic of using the False Claims Act to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration? The answer, and more, in your Monday Morning Cup of Coffee.
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In major reversal, U.S. sides with PHH, calls CFPB structure unconstitutional

DOJ asks court to give president authority to fire CFPB director at will
Recently, the U.S. government began to give off indications that it might be switching sides in the landmark battle between the CFPB and PHH, signaling that the Trump administration would not be as supportive of the CFPB as the Obama administration had been. And Friday, that's exactly what happened. Click the headline for the full story.
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PHH urges Court of Appeals to kill CFPB

Argues CFPB constitutional issues go well beyond director’s authority
PHH wants the full Court of Appeals for the District of Columbia Circuit to do more than simply declare the leadership structure of the Consumer Financial Protection Bureau unconstitutional; it wants the Court of Appeals to kill the CFPB altogether.
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United States flips sides, supports PHH in case against CFPB

Case now falls under Trump administration
In a major, but not surprising move, the United States revealed that it now supports PHH in its landmark case against the Consumer Financial Protection Bureau. Judging by a new motion filed by the United States, the U.S. needs a little more time to gather its thoughts on supporting PHH.
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Bank fights for stake in PHH case to battle CFPB authority

"We are cautiously optimistic"
State National Bank of Big Spring, Texas won’t back down easily. The bank continues to try and weigh in on the landmark case between PHH and the Consumer Financial Protection Bureau. Despite motions from other parties being denied, Competitive Enterprise Institute General Counsel Sam Kazman said they are “cautiously optimistic” that their recent motion to intervene will be approved.
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PHH adds Stephen Staid as senior vice president of servicing

Replacing Marty Foster, who is retiring after 20 years
PHH will soon have a new senior vice president of servicing, as the company announced Tuesday that Marty Foster plans to retire after spending 20 years with the company. Replacing Foster as senior vice president of servicing will be Stephen Staid, a 25-year veteran of the industry.
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Can this small Texas bank jump in on PHH's fight with the CFPB?

State National Bank of Big Spring v. Lew
Even though PHH’s battle with the Consumer Financial Protection Bureau takes up the majority of the discussion around the fate of the bureau, it’s not the only entity fighting against the independent agency. Battling alongside PHH is State National Bank of Big Spring, Texas. The bank harbors a similar grudge against the CFPB, with a lot of its fate resting in the outcome of the PHH case. But will it be able to fight its own battle?
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