Reverse Mortgage Daily

  • Home
  • About
  • Wholesale Lenders
  • Jobs
  • Awards
  • Advertise
  • Contact
  • Content
  • Calculator
  • Categories
    • 1st Reverse Mortgage USA
    • Alternatives
      • EquityKey
      • REX
    • American Advisors Group
    • CFPB
    • Chart of the Day
    • Commentary
    • Counseling
    • Data
    • Events
    • FHA
    • GNMA
    • Gov. Updates
    • Impac
    • International
    • Interview Series
    • Jumbo Products
    • Leads
    • Legislation
    • Lenders
    • Live Well
    • Marketing
    • MBA Reverse
    • Moneyhouse
    • Nationstar
    • Nationwide Equities
    • New Category
    • New York Life
    • News
    • NRMLA
    • Ocwen
    • Podcast
    • Products
      • 1st Reverse
      • Bank of America
      • Countrywide
      • Financial Freedom
      • FNMA Homekeeper
      • Generation Mortgage
      • Gold Reverse
      • Golden Gateway
      • Guardian First
      • HECM
      • JB Nutter
      • Liberty Reverse
      • Live Well Financial
      • LLS
      • MetLife
      • Quicken
      • Reverseit
      • Seattle Mortgage
      • Security One
      • Sun West
      • Virtual Bank
      • Wells Fargo
    • Rates
    • Retirement
    • Reverse Mortgage
    • Reverse Mortgage Jobs
    • Reverse Mortgage USA
    • Senior Housing
    • Servicers
      • Celink
      • RMS
    • Technology
      • Bay Docs
      • Mortgage Cadence
      • Reverse Vision
    • Top HECM Lenders
    • Training
    • Video
    • Walter Investment
    • Walter Investment Corporation
    • Warehouse Lines
  • RSS






« AAG Grows Wholesale Reverse Mortage Team, Hires Calamia
Banks, Lenders High On FTC’s Consumer Complaint List »

Sen. Corker: CFPB in “Legal Jeopardy,” Ball in White House’s Court

February 26th, 2013  |  by Elizabeth Ecker Published in CFPB, News, Reverse Mortgage

The latest in the months-long saga that has raised questions about the authority of the Consumer Financial Protection Bureau brought a statement today from Republican Senator Bob Corker (Tenn.) that it’s now for the White House to respond with a resolution. 

Republican members of Congress have long opposed the leadership structure of the bureau, vowing to block any nomination made by President Obama toward a director to lead the agency. President Obama instead used a recess appointment toward the end of getting Director Richard Cordray in place—a move many of those republicans opposed but could do nothing about due to the appointment. 

Now, however, with the president’s recess appointments called into question due to a recent lawsuit testing the constitutionality of the “recess” in which they were designated, the bureau has been left somewhat unarmed with its authority position unknown. 

Sen. Corker, who sits on the Senate Banking Committee, said this week it’s up to the White House to propose a solution that garners enough support for Senate confirmation of a full time director—putting an end to the CFPB’s “legal jeopardy.” 

“I made some suggestions to people at Treasury and the White House as to how they might go about resolving this issue and getting Richard Cordray confirmed,” Sen. Corker said in a statement.

The senator points to the recent appointment of Federal Housing commissioner Carol Galante—another drawn out process Republicans agreed to resolve once Galante gave her word toward making changes at the housing administration. The changes ultimately included major changes to the reverse mortgage program including the suspension of the fixed rate standard product. 

“We actually had some success in a similar situation with Carol Galante at the FHA, and there seemed to be an opportunity to do something along those lines here as well,” Corker said. “But at this point, the ball is entirely in the White House’s court. By making some modest and reasonable changes to the structure of the CFPB, I think we could have a strong Senate vote confirming Cordray as leader of the organization. But that will require the White House showing a willingness to move the process forward.” 

Written by Elizabeth Ecker


Sign up to receive free updates like this by email or subscribe by RSS feed. Thanks for reading!

Share this:

  • Google +1
  • Facebook
  • Twitter

Email This Post Email This Post Print This Post Print This Post
    Related Posts
  • Obama to Name Cordray CFPB Chief in “Defiant” Power Move
  • Court Decision Calls CFPB Mortgage Authority into Question
  • Will Getting a CFPB Director Call for Unorthodox Measures?



.

Daily news on the reverse mortgage industry delivered to your inbox.



Wholesale Lender Sponsors

AAG Wholesale
Liberty Home Equity Solutions
Security One Lending
HighTechLending Inc.
Nationwide Equities
Urban Financial Group
Generation Mortgage Company
SunWest Mortgage
Live Well Financial
Reverse Mortgage Solutions

Sponsors







Exclusive Training Provider







RSS Reverse Mortgage Jobs

  • Reverse Mortgage Originator
  • Loan Officer
  • Customer Support Manager
  • Reverse Mortgage Loan Originator
  • Reverse Originator
  • Reverse Mortgage Specialist
  • One Reverse Mortgage Post Closer
  • Reverse Mortgage Underwriter

Popular Posts

  • Call Center or Branch Model? Some Reverse Lenders Say Both
  • CFPB Cracks Down on Real Estate Kickbacks
  • New Program Targets Children of Reverse Mortgage Borrowers
  • Nationstar to Maintain Greenlight Reverse Branding, Team Post-Acquisition
  • Friday Round-Up: Congress Questions HUD on Reverse Mortgage Program

Recent Articles

  • Reverse Mortgage Industry Weighs New Take on Marketing, Messaging
  • Lender Launches Video Q&A to Clear Up Reverse Mortgage Uncertainties
  • Texas Tops $5 Billion Reverse Mortgage Mark
  • Mortgage Servicing Settlement Reaches $50 Billion Payout to Homeowners
  • Nationstar to Maintain Greenlight Reverse Branding, Team Post-Acquisition
  • NewRetirement and Texas Tech Partner on Retirement Planning Tool
  • Texas MBA Announces Annual Reverse Mortgage Conference


Our Sites

Senior Housing News

Home Health Care News


©2013 Reverse Mortgage Daily
Powered by WordPress using the Gridline Lite theme by Graph Paper Press.