News & Analysis as of September 24, 2024

Mortgages › Disgorgement

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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 +

New York Insurance Coverage Law Update - December 2021

Rivkin Radler LLP on 12/29/2021

New York Court of Appeals Holds That Disgorgement Payment Under SEC Settlement Not Excluded As A Penalty Imposed By Law- The Securities and Exchange Commission (SEC) alleged that Bear Stearns facilitated late trading and...more

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on 6/26/2020

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

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

Dorsey & Whitney LLP on 2/14/2018

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

Arizona AG Obtains Judgment and Injunction Against Mortgage Relief Operation

Goodwin on 7/31/2017

On July 27, 2017, the Arizona Attorney General’s Office (Arizona AG) announced that it had obtained a judgment? against an allegedly fraudulent mortgage relief company and its owner. The company is alleged to have targeted...more

Kerfuffle on statute of limitations issue in PHH case

Ballard Spahr LLP on 6/16/2017

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

PHH Mortgage Attacks the CFPB: Will the Bureau Become a Commission?

Baker Donelson on 4/15/2016

On April 12, the U.S. Court of Appeals for the D.C. Circuit heard arguments in PHH Mortgage’s appeal of a $109,000,000 disgorgement order by the CFPB. The CFPB found PHH had illegally referred consumers to mortgage insurers...more

PHH Fine on Hold, Says D.C. Circuit

BakerHostetler on 8/14/2015

On August 3, 2015, the D.C. Circuit Court of Appeals entered an order staying Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s June 4, 2015, order imposing injunctive relief and disgorgement of over $109...more

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