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Volume 25 - Number 14

July 7, 2014

Cordray’s Recess Appointment Likely Invalid, Issue Now Moot

President Barack Obama’s original recess appointment of Richard Cordray as director of the CFPB was likely unconstitutional, according to the rationale the U.S. Supreme Court used late last month to unanimously declare the president’s nominees to the National Labor Relations Board out of bounds. Late last month, in NLRB v. Noel Canning, the SCOTUS ruled that the president’s Jan. 4, 2012, recess appointments to the National Labor Relations Board were invalid. Alan Kaplinsky, a practice leader with the Ballard Spahr law firm, explained the legal question in dispute this way: “The NLRB recess appointments were made on January 4, the day after a new session of Congress had begun with a pro forma January 3 session and two days before ...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
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Yes and, heck, we may even do non-QM lending.
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No and we may even tighten credit.

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