The GSEs continued to wrangle with seller/servicers over repurchase requests during the fourth quarter of 2012, but mostly over loans originated five years earlier.
Fifty-four of the 55 Senators of the Democratic caucus in the U.S. Congress have signed a letter by Majority Leader Harry Reid of Nevada and Banking Committee Chairman Tim Johnson of South Dakota to President Obama in support of the re-nomination of Richard Cordray to lead the CFPB and to express opposition to any structural changes to the bureau. “Under the leadership of Director Cordray, the CFPB has gotten high marks from consumer advocates and industry alike for its balanced and prudent approach to rulemaking and enforcement,”...
A law firm and related parties that were sued last year by the CFPB for allegedly deceiving consumers via their mortgage loan modification operations have renewed their legal challenge to the appointment of Richard Cordray as director of the bureau, citing the recent ruling that President Obama’s recess appointments to the National Labor Relations Board were unconstitutional. The defendants in CFPB v. Chance Edward Gordon asserted last week that Cordray was appointed on the same day and in the same manner in which the...
Critics of the CFPB and industry opponents of its new ability-to-repay/“qualified mortgage” rulemaking quickly got excited when the Court of Appeals for the District of Columbia ruled recently in Noel Canning v. National Labor Relations Board that President Obama’s recess appointments of three officials to the NLRB were unconstitutional. Their hope was that the president’s appointment of Richard Cordray as director of the CFPB might similarly be invalidated. And perhaps more to the point, they hoped the...
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