PHH Corp. Calls it Quits Short of Supreme Court

The Wall Street Journal has reported that PHH Corp. has decided not to appeal its case against the Consumer Financial Protection Bureau (CFPB, or BCFP).

Background

PHH, a mortgage company in Mount Laurel, N.J., wanted the U.S. Court of Appeals for the District of Columbia Circuit to vacate a June 2015 enforcement ruling by the CFPB that said PHH violated anti-kickback provisions in Section 8(a) of the Real Estate Settlement Procedures Act (RESPA) and had to give up $109 million in what CFPB Director Cordray had said were ill-gotten mortgage reinsurance premiums. Among other issues, the case called into question the CFPB’s structure and authority.

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