Consumer Bureau Gets Busy With Mortgage Probe

January 11, 2012
Wall Street Journal P. C3
consumer financial protection bureau news

In its first publicly disclosed investigation, the Consumer Financial Protection Bureau is scrutinizing PHH Corp.'s mortgage insurance practices. Earlier in January, the regulator notified the mortgage lender that it had launched a probe to assess whether the firm was adhering to federal law banning kickbacks in realty transactions. The CFPB's newly appointed director, Richard Cordray, recently warned the financial industry that it had a number of open investigations -- some of which may "require enforcement actions to stop illegal behavior." The agency is investigating whether PHH influenced borrowers to use specific mortgage insurers with which it shared a business relationship.
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