PHH Corp. (PHH) Issues Commentary on Court of Appeals Opinion; Gratified that CFPB Director Decision Overturned
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) in Advanced Talks to Acquire B/E Aerospace (BEAV) - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
PHH Corporation (NYSE: PHH) issued the following statement in response to the opinion released on October 11, 2016 by the U.S. Court of Appeals for the D.C. Circuit in which the Court vacated the decision of the Director of the Consumer Financial Protection Bureau (the “CFPB”) ordering the Company to disgorge $109 million in reinsurance premiums:
“We are extremely gratified that the D.C. Circuit Court of Appeals overturned the Director’s decision related to our former mortgage reinsurance activities. We are hopeful that the Court’s opinion will provide greater certainty to the entire mortgage industry regarding the industry’s reliance on long-standing regulation as to how to conduct business consistent with RESPA. Regarding the Court’s decision to remand the case to the CFPB to determine whether any mortgage insurers paid more than reasonable market value to the PHH-affiliated reinsurer, we will continue to present the facts and evidence to demonstrate that we complied with RESPA and other laws applicable to our former mortgage reinsurance activities in all respects.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Viveve Medical (VIVE) Files Patent Infringement Lawsuit Against Thermi in Texas
- PayPal says some customers unable to make payments due to cyber attack on Dyn
- Merck (MRK) Announces KEYTRUDA Phase 3 KEYNOTE-045 Met Primary Endpoint; Trial Stopped Early
Create E-mail Alert Related CategoriesCorporate News, Litigation
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!