CFPB and Nonbank Servicers; Ex-CFPB Enforcement Attorney’s Take on PHH/CFPB Hearing

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Posted To: Pipeline Press

There is a lot of news today, ranging from political maneuvering through Chase’s earnings and on to the PHH/CFPB court case. But how about this one: President Obama forgiving $7 billion in student debt ? It is a slippery slope. Those in the mortgage industry wonder if investors will wake up to find something similar regarding government-sponsored mortgage debt. Earlier this week we learned that Bank of America Merrill Lynch was severing its loan production ties to PHH. As rumors circulated through the industry that Key Bank is also severing ties with PHH , its court case with the Consumer Finance Protection Bureau is being closely followed by anyone subject to the CFPB’s enforcement actions. It had to answer some brutal questions during oral arguments before a federal appeals court. It…(read more)

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