Items Tagged with 'PHH vs. CFPB'
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  • building

    CFPB declared unconstitutional, again

    Federal judge rules bureau violates Constitution
    June 22, 2018
    Ben Lane
    For the second time in less than a year, a federal court has ruled that the Consumer Financial Protection Bureau is not constitutionally structured. Earlier this week, U.S. District Judge Loretta Preska of the New York Southern District declared the CFPB to be unconstitutionally structured, as part of a ruling in a case involving a company that provides lump-sum payouts to those awaiting payment in a structured settlement.
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  • building

    It’s over: CFPB abandons PHH case

    Ends three-year battle
    June 7, 2018
    Ben Lane
    The three-year battle is now over. The Consumer Financial Protection Bureau moved Thursday to dismiss its case against PHH, a remarkable turnaround that crystallizes the differences between former CFPB Director Richard Cordray and current Acting Director Mick Mulvaney.
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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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This month in
HousingWire magazine

Cover Story
August 2018

Women of Influence 2018

Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.

Feature

The Path to Equality

Jacob Gaffney
Jacob Gaffney
The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?

Commentary

Outside the classroom

Marshall Gayden
Marshall Gayden
 Lending
The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.