A former Fannie executive said it was always his belief the GSE charter allowed for multifamily financing but the idea was to fund “vertical” homes and not “horizontal.”
Former CFPB attorney Richard Horn believes the executive order applies to the CFPB because it refers to agencies under the Administrative Procedures Act…
LO automation could be complicated by compliance. What if there’s a RESPA violation and charges are filed? Who goes to prison: the computer or the supervisor of the computer?...
As different as the presidential administrations of Barack Obama and Donald Trump may appear, one thing they have in common is an apparent unwillingness to get into the statutory weeds when it comes to the interpretation and enforcement of the Real Estate Settlement Procedures Act. Earlier this month, the Department of Justice under the Trump administration, just as it had under the Obama administration, side-stepped the RESPA issues associated with the long-running battle between PHH Mortgage and the CFPB.In its amicus brief with the U.S. Court of Appeals for the District of Columbia Circuit, the government said simply: “The United States takes no position on the statutory issues in this case….” For the Trump administration, the case comes down ...
With the industry still waiting for resolution of PHH Corp. v. CFPB and the interpretation and enforcement of the Real Estate Settlement Procedures Act at stake, political partisans on Capitol Hill last week addressed the constitutionality of the CFPB, or the supposed lack thereof, with Republicans on the offense and Democrats on defense. During a hearing last week before the House Financial Services Subcommittee on Oversight and Investigations, Rep. Trey Hollingsworth, R-IN, asked former U.S. Solicitor General Theodore Olson, now a partner with the Gibson, Dunn & Crutcher law firm, what steps would need to be taken to make the CFPB truly constitutional in its governmental function. Olson, who is representing PHH Corp. in its struggle with the bureau but ...
President Trump recently signed yet another executive order to roll back the reach of the federal government – this one promoting “a comprehensive plan for reorganizing the executive branch.” But unlike some of the earlier EOs from the White House, the odds seem to be higher that this one may apply to the CFPB. In an email exchange, former CFPB official Benjamin Olson, now a partner with the BuckleySandler law firm in Washington, DC, was asked if this EO applies to his former employer. He replied: “Yes and no. Unlike past orders that referred to ‘executive departments and agencies,’ this one refers to agencies ‘defined in’ 5 U.S.C. 551(1), which seems to include – or at least not exclude – independent agencies such ...
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