Ocwen to Acquire PHH for $360M
Financial services holding company Ocwen Financial Corp. will acquire mortgage origination and servicing platform PHH Corp. for approximately $360 million in cash in a deal expected to close later this year.
Federal Appeals Court Finds CFPB Structure Constitutional
A federal appeals court yesterday ruled that the leadership structure of the Consumer Financial Protection Bureau is constitutional, reversing a 2016 ruling that found the opposite.
PHH Settles Suit for $45M
PHH Corp. has reached a settlement with 49 state attorneys general, including Connecticut’s.
More Staff Changes Announced At PHH
There’s a lot going on over at PHH these days. In addition to mounting an expensive – and so far successful – challenge to the constitutionality of the CFPB in federal court, laying off staff, and downsizing and refocusing its business as the result of heavy financial losses, the company announced a major leadership shakeup last week, with hints of more to come.
David Beats Goliath: Mortgage Lender Takes Down CFPB
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.
