in News > Residential Mortgage
print the content item


A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has ruled that President Obama did not have the constitutional authority to make recess appointments last year to fill vacancies on the National Labor Relations Board (NLRB). The appointments in question were made the same day as the recess appointment of Richard Cordray as director of the Consumer Financial Protection Bureau.

The Associated Press reports that although Cordray's appointment on Jan. 4, 2012, was not part of the NLRB case that the judges ruled on, it nonetheless calls into question the legality of the president's decision to make recess appointments while the Congress remained in so-called "pro forma" sessions. The administration justified its actions by claiming that Congress was actually in recess. The judges, however, ruled that Congress was technically in session, even though no legislative work took place.

The Cordray appointment is the subject of a separate legal challenge raised by a Texas community bank and a pair of conservative advocacy groups. The Obama administration is seeking the dismissal of that lawsuit, and is expected to appeal the NLRB ruling to the U.S. Supreme Court.

Yesterday, the president announced that he would re-nominate Cordray for the position of CFPB director. Under the terms of the recess appointment, Cordray's term concludes at the end of the year.


Six important questions you need to ask about your compliance process. Click to download the buyers guide._id1144


Latest Top Stories

Greenwich Estate Sells For Record $120 Million

Copper Beech Farm, a 51-acre property and mansion located on the waterfront in Greenwich, Conn., hit the market last spring with an asking price of $190 million.


AMCs Generally Receptive To Proposed 'Minimum Requirements' Rule

The rule would require all AMCs that operate in states that have supervisory programs to register in those states and to allow those states to have authority over their licensing.


Major Metros Showing 'Early Signs' Of A Housing Bubble

Among the 35 largest metros nationwide, more than half of homes currently listed for sale are considered unaffordable by historical standards, according to a recent report from Zillow.


Waters Introduces Yet Another Housing Finance Reform Bill

But unlike the other three bills now before Congress, Waters' proposal calls for replacing Fannie and Freddie with a cooperative of lenders that would be the sole issuer of mortgage-backed securities guaranteed by the government.


OIG: Property Preservation Companies Need Better Controls

A recent OIG audit revealed that there are numerous problems plaguing the property preservation business, not the least of which is the submission of false or erroneous property inspection reports on the part of sub-contractors.

LenderLive_id1164
Hse SandyHook
Orb Mobile
Play for Pink
FedHomeLoan_id1130
SWBC_id1156
Superior Home_id1078