Items Tagged with 'PHH vs. CFPB'
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  • Gavel justice law legal

    PHH gives up challenge to CFPB constitutionality

    Will not pursue case to Supreme Court
    May 3, 2018
    Ben Lane
    The Court of Appeals for the District of Columbia Circuit’s stunning decision to reverse its earlier ruling and uphold the constitutionality of the Consumer Financial Protection Bureau will stand as the law of the land after PHH Corp. elected not to pursue the case to the Supreme Court.
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  • Gavel and money

    Court of Appeals rules against CFPB, vacates PHH’s $100M fine for alleged RESPA violations

    It wasn’t a sweeping victory for the CFPB after all
    January 31, 2018
    Ben Lane
    While the main story coming out of Wednesday’s stunning decision from the Court of Appeals for the D.C. Circuit was the court upholding the constitutionality of the CFPB, the bureau didn’t escape unscathed. The full Court of Appeals upheld the court’s earlier decision that former CFPB Director Richard Cordray far exceeded his authority as director when he handed down a seven-figure fine against PHH for RESPA violations.
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  • Real MMCC

    Monday Morning Cup of Coffee: Inside the battle brewing over Zillow's "Instant Offers"

    Plus, a judge shoots down Ocwen's challenge of CFPB constitutionality
    June 5, 2017
    Ben Lane
    There's serious battle brewing over Zillow's "Instant Offers," a new program where homeowners looking to sell their home can get all-cash offers from selected investors. The program is putting Zillow at odds with some real estate professionals, who are fighting back against potentially being cut out of the transaction. Plus, what's happening between the CFPB and Ocwen? All that, and more, in your Monday Morning Cup of Coffee.
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  • building

    Court of Appeals set to hear landmark challenge to CFPB constitutionality

    D-Day for CFPB coming this week
    May 22, 2017
    Ben Lane
    The Consumer Financial Protection Bureau’s moment of truth (in the courtroom, at least) is coming this week as the full Court of Appeals for the District of Columbia Circuit is set to rehear the landmark challenge to the agency’s constitutionality brought by PHH Corp. Here's a breakdown of the case and a view of what's coming next.
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  • Scales of justice with gavel

    Ocwen pulls a PHH: Asks court to declare CFPB unconstitutional, requests DOJ help

    Asks court for expedited decision on CFPB constitutionality
    April 26, 2017
    Ben Lane
    Ocwen Financial is pulling a PHH. Just as PHH did recently, Ocwen is playing the unconstitutional card in its fight against the Consumer Financial Protection Bureau, asking the United States District Court for the Southern District of Florida to declare the CFPB unconstitutional and toss out the CFPB’s lawsuit against the company.
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  • DC

    Democrats rally together to support CFPB in case against PHH

    Fight to protect bureau’s independent structure and constitutionality
    March 31, 2017
    Brena Swanson
    Congressional Democrats filed an amicus brief on Friday with the D.C. Circuit Court of Appeals in support of the bureau's independent structure and constitutionality. “In creating the Bureau, lawmakers determined that it needed two key attributes to fulfill its mission: independence, and the ability to act promptly and decisively in response to new threats to consumers,” the lawmakers wrote.
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  • office

    PHH shakes up senior leadership, CEO Glen Messina departing

    Chief Financial Officer Robert Crowl tabbed as replacement
    March 31, 2017
    Ben Lane
    Over the last few years, it’s been a two-pronged battle for PHH Corp. On one side, the company is locked in a legal war with the Consumer Financial Protection Bureau. On the other side, PHH’s business has undergone dramatic shifts. One of the few constants during this time of transition has been the company’s CEO, Glen Messina. But that’s not the case anymore.
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  • meeting

    PHH laying off more employees in New York

    Cuts will leave company with 30 employees in region
    March 21, 2017
    Ben Lane
    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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  • Real MMCC

    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?
    March 20, 2017
    Ben Lane
    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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This month in
HousingWire magazine

Cover Story
May 2018

Larger than life: Casey Crawford at Movement Mortgage

He wears t-shirts to his televised interviews; not very CEO. He played sports at a high level, but rarely brings it up and when he does he talks about it as a mere chapter in his life. Honestly, who plays a Super Bowl and doesn’t describe it as the defining moment in their personal journey? Casey Crawford, that’s who. His family is a big part of his life of course, but he talks about his even larger family — his coworkers — in terms that are just as glowing.

Feature

How can we revive the private label MBS market?

Brent Nyitray
Brent Nyitray
 InvestmentsLending
One of the things that has bedeviled mortgage financing post-crisis has been the absence of the private label mortgage backed securities market. During the peak years, private label MBS issuance topped $1 trillion. In 2017, only $70 billion of private label RMBS were issued, although that is a big increase from 2016.

Commentary

The mortgage industry's digital future

Mark Wai
Digital technology has disrupted businesses and industries from publishing to public transportation, so can the mortgage industry be far behind?  Actually, anyone who’s applied for a mortgage recently will have recognized that things are already changing fast.