Oral arguments in PHH Corp. et al. v CFPB were recently held by the U.S. Court of Appeals for the District of Columbia Circuit, and reactions to the proceedings were all over the map, suggesting to some that the event functioned like a legal Rorschach test. FBR Capital Markets & Co. analyst Edward Mills said in a client note he thinks the case is bound for the U.S. Supreme Court, probably sometime next year. “Given the makeup of the en banc panel [mostly Democrat appointees], we would give a bias to the previous ruling to be overturned,” Mills said. “Despite the headlines from the ruling, we fully expect that either party will appeal the case to the Supreme Court, which ...