Attorney Barbara Mishkin notes: “…the amicus brief to be filed by the U.S. can be expected to support PHH’s position that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional.”
PHH argues the plaintiffs lack legal standing to intervene, their motion is “inexcusably untimely,” and it fails to satisfy the requirements for intervention.
“Since reaching a trough in mid-2013, the rebound in household debt has been led by student debt and auto debt, with only sluggish growth in mortgage debt,” said one New York Fed official.
“If Cordray were engaged in malfeasance, inefficiency or neglect of duty, don’t you think the Obama administration would have done something about that?” asked one legal scholar.
Late last decade Altisource was spun-off from Ocwen, a once large servicer that in years past had been sanctioned by regulators for some of its servicing practices.
Fed Chairman Janet Yellen on the future of Fannie and Freddie: “…I would hope that Congress would decide explicitly on what the government’s role is and if there are guarantees, that they would be recognized and priced appropriately.”