Industry NewsMortgage

Fight over Obama recess appointments could jeopardize new mortgage rules

Court ruling opens the door for battle over leadership of Consumer Financial Protection Bureau

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Wow! Could many of the regulatory actions taken by the Consumer Financial Protection Bureau during the past year with potentially far-reaching impacts on real estate -- the "Qualified Mortgage" (QM) standards, new mortgage servicing requirements, appraisal and loan officer compensation rules, and the real estate disclosure and settlement changes under RESPA now moving through the agency, to name just a few -- be suddenly thrown into doubt? Could a decision by a Washington, D.C., appellate court last Friday that found President Obama's three recess appointments to the National Labor Relations Board (NLRB) were unconstitutional now upset the apple cart at the CFPB, whose director, Richard Cordray, received his recess appointment on the same day last year as the labor relations board appointees? Recess appointments traditionally occur when the Senate has declared itself no longer in session. The members go home, and the business of providing "advice and consent" to th...