New Jersey-based PHH Mortgage Corp. has reached a $45 million settlement with 49 attorneys general and 45 state mortgage regulators. More than 660 Massachusetts residents are eligible for a payment totaling approximately $340,000.
PHH Corp., PHH Mortgage Corp. and PHH Home Loans have agreed to pay the United States $74,453,802 to resolve allegations that they violated the False Claims Act.
Richard Cordray, director of the lately embattled Consumer Finance Protection Bureau, addressed a hall packed with mortgage bankers at the Hynes Convention Center in Boston yesterday morning.
The U.S. Court of Appeals for the District of Columbia handed PHH mortgage an early Christmas present in their strongly-worded, 110-page decision vacating a $103 million fine and finding the structure of the Consumer Financial Protection Bureau unconstitutional.
The underdog comes out on top in the U.S. Court of Appeals.
Mortgage lender PHH landed a knock-down blow against the CFPB yesterday when three justices from the U.S. Court of Appeals for the D.C. circuit – in a 110-page decision – unanimously declared the bureau’s leadership structure unconstitutional and vacated a $103 million fine against the lender.
