Date: October 14, 2016Author: Denbeaux & Denbeaux
We review the October 11, 2016 ruling handed down by the Circuit Court of Appeals for the District of Columbia which involved fines that the Consumer Financial Protection Bureau (CFPB) levied on NJ mortgage lender and loan servicing company, PHH, in 2014.
In 2014, PHH was fined $109 million dollars by the CFPB for violating the Real Estate Procedures and Settlement Act (RESPA) by accepting illegal and undisclosed kickbacks from mortgage insurers. The fine came after the case against PHH was ruled on by an administrative judge who assessed a damage award of a paltry $6.4 million.
Next, we discuss the decision to restructure the leadership of the CFPB, the origins of the current structure and how the change still gives homeowners access to private rights of action under federal law.
Denbeaux & Denbeaux provides legal representation to help consumers who have been harmed financially, as well prosecuting cases related to predatory lending, false credit reporting, and illegal debt collection practices.