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Mortgages › Constitutional Challenges

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Goodwin

Awaiting Appellate Precedent on Whether Recent New York Foreclosure Limits Are Constitutional

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​​​​​​​Over a year after becoming law, New York’s Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA) continues to divide trial courts regarding the constitutionality of the law’s retroactive...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2023 - Freedom, Independence, and Celebration From the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more

Goodwin

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

Goodwin on

In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more

Ballard Spahr LLP

Ninth Circuit Vacates and Remands $8 Million CFPB Judgment in Lawsuit Against Mortgage Services Company

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The Ninth Circuit Court of Appeals recently issued an Order vacating a nearly $8 million judgment won by the Consumer Financial Protection Bureau (CFPB) in its lawsuit against Nationwide Biweekly Administration, Inc....more

Ballard Spahr LLP

A Response to Professor Adam Levitin about the Fifth Circuit Opinion in Community Financial Services Association of America, LTD...

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Even though I often disagree with Professor Levitin’s opinions and policy positions about consumer financial services developments, I maintain high respect for him because he is very knowledgeable in this area. Shortly after...more

Rumberger | Kirk

Texas Federal Court Ruled Federal Government Has No Constitutional Power Over Foreclosures and Evictions

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A federal court in Texas has ruled that the federal government has no constitutional power to prohibit real estate foreclosures and evictions pursuant to coronavirus legislation and regulation, calling into question whether...more

Hinshaw & Culbertson - Consumer Crossroads

New York State Enacts New Procedures for Residential Mortgage Forbearance Plans

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On June 17, 2020, New York Governor Andrew Cuomo signed Senate Bills 8243C and 8428 into law, adding Section 9-x to the Banking Law. The section creates new procedures for mortgagors and servicers in relation to forbearances...more

Spilman Thomas & Battle, PLLC

All-Consuming: Financial Litigation Insights - May 2020

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Welcome to our first formal edition of All Consuming - our e-newsletter devoted to financial litigation insights. Our goal is to bring you the most up-to-date information that allows you to be proactive in your business.... ...more

Robins Kaplan LLP

Financial Daily Dose 2.20.2020 | Top Story: Fed Minutes Show Central Bank Happy With Economy, Worried About Coronavirus

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Newly released minutes from the Fed’s January meeting show central bankers preoccupied with global risks, including the still-growing economic impact of the coronavirus, while still taking a wait-and-see approach to any...more

Mayer Brown

Seventh Circuit Agrees With Mayer Brown Amicus Brief That $3 Million Punitive Damages Award Was Unconstitutionally Excessive

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Last summer, my colleague C.J. Summers and I posted a report about Saccameno v. U.S. Bank National Association, a Seventh Circuit case in which we had filed an amicus brief on behalf of the Chamber of Commerce of the United...more

Mayer Brown

Mayer Brown Submits Amicus Brief For Chamber Of Commerce In Seventh Circuit Appeal Involving Proper Application Of Punitive...

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Although the Supreme Court identified three guideposts for evaluating whether a punitive award is unconstitutionally excessive 23 years ago in BMW v. Gore and refined those guideposts 16 years ago in State Farm v. Campbell,...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending April 26, 2019

Carlton Fields on

Real Property Update - • Foreclosure / Reverse Mortgage / Condition Precedent: bank failed to establish that the subject property was not the principal residence of surviving co-borrower under its reverse mortgage, a...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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A lot of the furor over Elon Musk’s recent “going private” tweets has centered on whether he actually had the financial backing needed to pull it off.  The Times sets aside that initial inquiry to explore the why and how,...more

Goodwin

Fifth Circuit Panel Concludes FHFA Single-Director Structure is Unconstitutional

Goodwin on

On July 16, 2018, in Collins et al. v. Federal Housing Finance Agency et al. (No. 17-20364), a Fifth Circuit panel ruled that the single-director structure of the Federal Housing Finance Agency (FHFA) is unconstitutional. The...more

Ballard Spahr LLP

CFPB dismisses PHH case

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As expected, CFPB Acting Director Mick Mulvaney has signed an order directing that the Notice of Charges filed against PHH be dismissed and terminating the matter.  The order indicates, that in dismissing the matter, Mr....more

Ballard Spahr LLP

D.C. Circuit Rules CFPB's View of RESPA Was Wrong but Its Structure is Constitutional

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On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we've discussed at length. It held, 7 to 3, that the CFPB's single-director-removable-only-for-cause structure is...more

Dorsey & Whitney LLP

D.C. Circuit Upholds CFPB’s Constitutionality: Why the PHH Case Underscores the Importance of Internal Agency Discipline

Dorsey & Whitney LLP on

On January 31, the U.S. Court of Appeals for the D.C. Circuit issued a plurality opinion en banc that confirmed the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) governance by a sole Director, while...more

K&L Gates LLP

Saved by the En Banc: CFPB Appears Here To Stay

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The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has been an agency under fire. Acting Director Mick Mulvaney has begun to institute significant changes at the Bureau. And last year, a panel of the D.C. Circuit...more

Troutman Pepper

D.C. Circuit Court Affirms the Legality of Captive Reinsurance Arrangements

Troutman Pepper on

While the court opinion on the constitutionality of the CFPB’s structure was long awaited, its decision related to RESPA affords the mortgage industry much-needed clarity. ...more

Nelson Mullins Riley & Scarborough LLP

Just Before the Super Bowl, the D.C. Circuit in PHH Mortgage gives Industry a Field Goal, Withholds Touchdown

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Following nearly three years of litigation, the D.C. Circuit handed down a 7 to 3 ruling in PHH Corp. v. Consumer Financial Protection Bureau. The two hundred fifty page opinion addressed not only the constitutional...more

Ballard Spahr LLP

D.C. Circuit Rules CFPB’s View of RESPA Was Wrong But its Structure is Constitutional

Ballard Spahr LLP on

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we’ve discussed at length. It held, 7 to 3, that the CFPB’s single-director-removable-only-for-cause structure is...more

Bricker Graydon LLP

PHH’s hidden gem

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The long-awaited en banc decision in PHH Corp., v. CFPB has finally been issued. The Court of Appeals for the D.C. Circuit upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB) and reversed a prior...more

Clark Hill PLC

CFPB is Constitutional, But Makes $100 Million Mistake In Interpreting the Law

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The D.C. Circuit Court of Appeals issued its long awaited decision in PHH v. Consumer Financial Protection Bureau, holding by a 7-3 decision that the Consumer Financial Protection Bureau’s (CFPB or Bureau) single-Director...more

Ballard Spahr LLP

DOJ invited to participate in Ocwen’s challenge to CFPB’s constitutionality

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A Florida federal district court has granted the motion filed by Ocwen Financial Corporation to invite the U.S. Attorney General to express the AG’s views on the CFPB’s constitutionality....more

Ballard Spahr LLP

Kerfuffle on statute of limitations issue in PHH case

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On June 7, the CFPB submitted a Rule 28(j) letter to the D.C. Circuit in the PHH case. In the letter, the CFPB embraced the fact that the Supreme Court’s recent Kokesh v. SEC decision makes the five-year statute of...more

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