Supreme Court will hear a challenge to the Consumer Financial Protection Bureau

It seems that the Supreme Court will hear a challenge to the constitutionality of the Consumer Financial Protection Bureau. The organization has been stripped down as of lately under the current Administration to a point where it is nearly just a namesake of hope to those who ever felt it held any solace or reparations to any homeowner.

“Under President Donald Trump, the CFPB has already dramatically pared back its role as a financial watchdog. A report published by the Consumer Federation of America earlier this year found that the agency had dropped enforcement activity 80% compared with its peak in 2015. Average monetary relief, the report found, was down 96%.”– consumerfed.org

* * * * * *

KEY POINTS

  • The Supreme Court announces that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis.
  • A decision in the case is likely by the end of June, meaning that the fate of the regulator will be announced in the middle of the 2020 presidential campaign.
  • That could be particularly significant for Sen. Elizabeth Warren, a consumer advocate whose role in creating the agency has formed a central pillar of her presidential bid.
GP: Consumer Financial Protection Bureau Headquarters 190304

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019.Andrew Harrer | Bloomberg | Getty Images

The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis.

The case was brought by Seila Law, a California-based law firm, which alleges that the structure of the agency grants too much power to its director, in violation of the Constitution’s separation of powers.

Unlike the heads of many other federal agencies, the director of the CFPB may only be removed by the president “for inefficiency, neglect of duty, or malfeasance in office.” Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers.

In an order posted Friday, the justices asked both sides to address whether the bureau can remain even if its structure is found to be unconstitutional.

A decision in the case is likely by the end of June, meaning that the fate of the regulator will be announced in the middle of the 2020 presidential campaign. That could be particularly significant for Sen. Elizabeth Warren, a consumer advocate whose role in creating the agency has formed a central pillar of her presidential bid.

It is possible that a ruling against the CFPB would maintain the agency but only on the condition that its director, who serves a five-year term, can be removed at the pleasure of the president. If Trump loses his reelection bid in 2020, that would mean that a Democrat will be able to replace Trump’s current appointee, CFPB director Kathy Kraninger, when they take office.

Read more: The head of the CFPB now believes that the financial regulator is unconstitutionally structured

To date, the CFPB has survived multiple court challenges.

The federal appeals court in Washington upheld the agency last year on the basis that the Supreme Court, more than 80 years ago, signed off on the Federal Trade Commission, a similarly structured regulator, in the 1935 case Humphrey’s Executor. In May, the CFPB defeated Seila Law before a panel of the 9th U.S. Circuit Court of Appeals.

“Seila Law contends that an agency with the CFPB’s broad law-enforcement powers may not be headed by a single Director removable by the President only for cause. That argument is not without force,” Circuit Judge Paul Watford wrote for the court.

But, he said, given Humphrey’s Executor and a later case which reaffirmed the ruling, the CFPB is constitutional.

“The Supreme Court is of course free to revisit those precedents, but we are not,” he wrote.

Under President Donald Trump, the CFPB has already dramatically pared back its role as a financial watchdog. A report published by the Consumer Federation of America earlier this year found that the agency had dropped enforcement activity 80% compared with its peak in 2015. Average monetary relief, the report found, was down 96%.

Given the makeup of the Supreme Court, it’s likely that the agency’s structure could be struck down.

Justice Brett Kavanaugh, whose confirmation last year delivered conservatives a reliable majority, made clear in a dissent from the Washington appeals court decision upholding the bureau that he believes the structure of the CFPB is impermissible.

“Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire U.S. Government, at least when measured in terms of unilateral power,” Kavanaugh wrote at the time. “That is not an overstatement.”

Notably, Kavanaugh did write in that dissent that he believed the director’s independence could be limited while leaving the rest of the bureau intact, “so that the Director of the CFPB is supervised, directed, and removable at will by the President.”

The case is Seila Law v. Consumer Financial Protection Bureau, No. 19-7.

ORIGINALLY PUBLISHED CNBC – FRI, OCT 18 20192:58 PM EDT; UPDATED FRI, OCT 18 2019 3:34 PM EDT Tucker Higgins@IN/TUCKER-HIGGINS-5B162295/@TUCKERHIGGINS

* * * * * * * * * *

I welcome those reading my blog. I appreciate all of the emails I have been receiving. I also appreciate those who have registered and subscribe to this blog. If you have come from Facebook please comment on this site, rather than any Facebook post of this page due to the fact that there are many readers who are not part of Facebook forums, or even Facebook itself. I encourage all readers to put their comments on this site so that all of the information will be accessible to all readers from all parts of the internet. I urge you to join this site and receive the RSS feed, or bookmarking us, sharing us with your friends on Facebook and Twitter. If you know of anyone who might benefit from this information I urge you to pass on this website address! Share and let’s make some change together!

Thank you for stopping by.

©2014-2019 Doug Boggs All Rights Reserved

Judge Dismisses CFPB Case Against OCWEN

A case levied against Ocwen Financial Corporation (NYSE: OCN) by the Consumer Financial Protection Bureau (CFPB) in 2017 has been dismissed by a federal judge in Florida, though the Bureau has the option to refile the case if it so chooses, according to a story in National Mortgage News.

Originally filed by the Bureau in early 2017, the lawsuit alleges a host of violations on the part of Ocwen, including illegally foreclosing on 1,000 borrowers, mishandling escrow accounts, enrolling consumers in add-on programs without their consent, and knowingly populating its mortgage-tracking software with incorrect or incomplete information.

The basis for the dismissal by Judge Kenneth Marra rested in a concept known as a “shotgun pleading,” which is defined as a legal complaint which offers an excessive number of facts while lacking any semblance of clear organization, and then asserts those disorganized and abundant facts as the basis for a cause of legal action. In answering the complaint against the company, Ocwen offered that it was an example of a shotgun pleading in seeking the case’s dismissal.

Marra agreed with Ocwen, citing legal precedent regarding shotgun pleadings from the Eleventh Circuit Court of Appeals in his reasoning for the dismissal, a court which covers federal jurisdictions in Alabama, Florida and Georgia. However, the case was dismissed “without prejudice,” which will allow the CFPB to refile it should they choose to continue pursuing legal remedies related to Ocwen’s alleged violations.

Ocwen publicly praised Judge Marra’s decision.

“We are pleased that the district court has decided to dismiss the CFPB’s complaint without prejudice,” Ocwen said in a press release responding to the dismissal. “Ocwen will continue to vigorously defend itself should the CFPB refile and continue to pursue its claims. We are committed to our mission of creating positive outcomes for homeowners and communities, and we believe that Ocwen’s servicing practices have and continue to result in substantial benefits to consumers.”


Ocwen has been facing a number of financial difficulties in recent years, though a continuous bright spot for it in terms of business performance has been Liberty Home Equity Solutions, its reverse mortgage lending subsidiary. Most recently, Liberty recorded strong numbers in its reverse mortgage business in Q2 2019 in spite of Ocwen’s larger aim to return to overall profitability, according to financial disclosures released last month along with an accompanying earnings call.

Liberty also recently launched its own proprietary reverse mortgage offering, EquityIQ, which was touted by Ocwen’s leadership as part of Ocwen’s larger initiative to grow its lending volume and achieve a more balanced revenue mix, according to Ocwen CFO June Campbell in August.

Read the original National Mortgage News story on the CFPB case’s dismissal.

* * * * * * * * * *

I welcome those reading my blog. I appreciate all of the emails I have been receiving. I also appreciate those who have registered and subscribe to this blog. If you have come from Facebook please comment on this site, rather than any Facebook post of this page due to the fact that there are many readers who are not part of Facebook forums, or even Facebook itself. I encourage all readers to put their comments on this site so that all of the information will be accessible to all readers from all parts of the internet. I urge you to join this site and receive the RSS feed, or bookmarking us, sharing us with your friends on Facebook and Twitter. If you know of anyone who might benefit from this information I urge you to pass on this website address! Share and let’s make some change together!

Thank you for stopping by.

©2014-2019 Doug Boggs All Rights Reserved

Wow!!! What a day…..

From the desk of Ken Dost – Sept. 25, 2019

Wow !!! What a day….. 11 years 3 months and 2 days total since the nightmare began. By shear determination and grace of God, managed to stop more nonjudicial auctions than I can count, arrested and put on trial for chasing after an asshole taking pictures of my house charged with reckless driving, and could have went to jail for 6 months I think it was, but found innocent; fought a 3.5 year judicial action by HSBC, through 3 judges, until HSBC got their summary judgment on May 28, 2015. Made it through 3 auctions attempts.  Today though, September 25, 2019, full satisfaction of judgment, that will be almost 700K coming back… and that is nothing compared to all else I will have secured … accounts and lock boxes all over the world … but that is not the important point of this post.. 

The important point of this post is say yay!! We have a path, a Bona fide path to long standing and permanent relief.. it is not entirely done yet, as there are a couple of items yet to do to make it completely bullet, bomb, and Commonwealth-proof. 

It is a good day, not just me and mine, but for who struggle against a system that does not hear, see, or recognize the human pillaging that is taking place around the world. It is a good day cause the route that this despotism travels is now discovered and disseminated.. 

We, as a society, have a lot of work to do to wash away all the deceptions we have made to believe as fact; and to reeducate ourselves to the actual facts.  We are so out of touch with actual reality, that is to say, how the world actually functions in the present times, not how it did in 1933, or even how it was on June 22, 1998. The following day, June 23, 1998, the world as we understood changed forever, with the state street v signature financial group ruling. It was not just this ruling, it is the Legislative Acts between 1998-2002, the enacting of UCC rev 9 in 2001, that same year, by the OCC’s sweeping deregulation and preemption policies. It just so happens that these two major events get dusted by the implosion of the twin towers giving birth to the global war on terror .. 

I have my own ideas as to why, having to do with the expiration of the 1933 bankruptcy and trading with the enemies act, which people mistakenly believe still applies. Neither does though, because of what is mentioned above. You need to understand that the entire economy as you understood it .. mortgage loans, ownership, ordinary courier practices, the decades old economic paradigm, was eviscerated between 1998-2002, just like the twin towers … here one minute and gone the next.., Between 2002-2005 an entirely new economic system was being engineered and laid in place. Our attention was elsewhere, while the business of banking and foreign agent patent law firms were busy engineering an economic coup d’atet, that OCC gave protection to, by preemption.

From the desk of this blog host: If you haven’t heard of Ken or have been following him online during any of his long legal story, it is certainly something to be impressed with. What he has uncovered is an amazing feat to which I am eager to learn more and master over time as he has. I look forward to hearing more about his journey and knowledge of his views of the corruption of the systems that we are all in some way are beholden to. It is through efforts of people like him that for those who live on this blue ball, suspended in a sun beam, that we call home can hold hope that we will make this world a better place.

* * * * * * * * * *

I welcome those reading my blog. I appreciate all of the emails I have been receiving. I also appreciate those who have registered and subscribe to this blog. If you have come from Facebook please comment on this site, rather than any Facebook post of this page due to the fact that there are many readers who are not part of Facebook forums, or even Facebook itself. I encourage all readers to put their comments on this site so that all of the information will be accessible to all readers from all parts of the internet. I urge you to join this site and receive the RSS feed, or bookmarking us, sharing us with your friends on Facebook and Twitter. If you know of anyone who might benefit from this information I urge you to pass on this website address! Share and let’s make some change together!

Thank you for stopping by.

©2014-2019 Doug Boggs All Rights Reserved

It’s back to school time! Part ONE

It is back to school time for many. The shopping for new clothes. The need to purchase new books and other study supplies. Perhaps you need a new tablet or computer to help your brain do its thing. It’s time to leave the comfort of vacation and summer and head into the temples of learning and furthering your education.

With some of my clients and others around the country doing their own hard work in the blurry world of our judicial system there has been some headway in the world of Common Law.

What exactly is Common Law? It is the part of law that the lawyers and judges don’t want you to understand. It is the part of law where you are in control much more than in the “normal” world of our corrupt judicial system. It is the part of law where the Bar Association has tried to keep far away from “the people” understanding.

Well, I found someone who can explain things much better than I on this subject. Let me introduce you to a man named Bill Thorton. So, grab some popcorn, sit back with your note pad and learn.

* * * * * * * * * *

I welcome those reading my blog. I appreciate all of the emails I have been receiving. I also appreciate those who have registered and subscribe to this blog. If you have come from Facebook please comment on this site, rather than any Facebook post of this page due to the fact that there are many readers who are not part of Facebook forums, or even Facebook itself. I encourage all readers to put their comments on this site so that all of the information will be accessible to all readers from all parts of the internet. I urge you to join this site and receive the RSS feed, or bookmarking us, sharing us with your friends on Facebook and Twitter. If you know of anyone who might benefit from this information I urge you to pass on this website address! Share and let’s make some change together!

Thank you for stopping by.

©2014-2019 Doug Boggs All Rights Reserved

Making BooBoos from the very beginning (Bagels at a Bar Mitzvah Part3)

Know that the bank is making booboos from the beginning. So, you want to buy a house. You know nothing about buying a piece of real estate, however, you have watched the neighborhood change with people doing this kind of thing up and down the block. All kinds of people are doing it. How difficult can it really be?

Perhaps, you have gone to a couple of real estate seminars in order to familiarize yourself with the processes of buying a home. You’ve learned that there’ve been more millionaires created by real estate than anything else in the world. You have talked with some of your friends who have purchased their own home. You have read the trade magazines and the Sunday real estate section in the newspaper. You may have gone to open houses and talked with various realtors. You may have scoured the internet sites trying to learn as much as you can about homeownership and why it is known in the United States, as the “great American dream”. You have learned about the tax benefits of​ being a homeowner. You’ve talked with the local banks. You’ve talked with numerous mortgage brokers. After all of this, you are thinking that it might be time to dive in to what will likely become the largest single investment you will ever do.

You decide to go out and find a realtor to help you. What are the reasons you use to pick a realtor for your home buying experience? Is it because they are family? Is it because you or your spouse is the godparent to their child? Is it because you have known this person as a friend and want to give them your business? Is it because they work in a real estate office that is fancy or perhaps they seem successful at what they do so they must know what they are doing? No matter what the reason you choose to deal with whoever it is you decide, know that they don’t know everything. Know that their office doesn’t know everything. Know that they work on a commission. Know that they are human and make mistakes. Know that they are needing business in order to pay for their own personal bills just as much as anyone else. Know that the commission is negotiable. Know that the contract that they will give you will attempt to state that you hold them harmless for whatever information they give you. Know that they may give you information that could become detrimental to your situation. Know that it is possible that you might reach a point in which legal action could come between you and this person. Know that you should do your own research.

Next, you talk with a mortgage broker that you have come to trust. Why do you trust this person? Is it because they seem knowledgeable about what paperwork is necessary to finance a home? Is it because they have stated that they can get you the best rates? Is it because they have been in the mortgage business longer than anyone else you have been talking with? Is it because they were the person who held your hand through your learning curve and you now feel obligated to use them? Is it because they are a family friend? No matter what the reason you choose to deal with whoever it is you decide know that they don’t know everything. Know that their office doesn’t know everything. Know that they work on a commission. Know that the commission is negotiable. Know that they are human and make mistakes. Know that they are needing business in order to pay for their own personal bills just as much as anyone else. Know that they may give you information that could become detrimental to your situation. Know that it is possible that you might reach a point in which legal action could come between you and this person. Know that you should do your own research.

Now, your mortgage broker has found a loan for you and sends to you all of the documents that you will need to fill out and sign. They will probably have little sticky arrows or yellow marks at every place where you will need to initial or sign. Know that there will be paperwork that will need to be reviewed by a notary prior to sending things back to the broker. Once things are notarized you wait for the mortgage broker to deal with the lender for any other questions or documents that might be necessary. Know that within these documents you are signing paperwork to get a loan from a bank. Know that you are also signing paperwork that puts your new home up as collateral for this money that you are borrowing. Now that one of these documents is called the Note, and the other is called the Deed of Trust. The deed of trust is the document that creates the agreement that you are using your home as collateral against the note​ if the lender gives you the money you are requesting. Know that the Note is the document that states that the lender is giving you money and that you are borrowing this money with the full intention to pay the lender back including interest. Know that the lender has included in the deed of trust what is known as an arbitration clause. This means it is their attempt to make sure that you cannot sue the lender in court. Know that the lender has given you a deed of trust with the full knowledge that the trustee in the relationship is owned and/or controlled by the lender and they are not informing you of this issue. Know that the lender knows that the trustee is supposed to be independent in the relationship. Know that there is over a 90% chance that the lender has the full intention of selling your loan documents to Wall Street within 30-60 days following the closing of the loan deal. Know that the lender has not stipulated anywhere in the contract that they will be informing you of them selling your loan, or when or to whom they will be selling your loan to. Know that the lender will not be including you in any of the profits that the lender will earn from the selling of your loan to another party. Know that you are being misrepresented in this loan agreement from the onset.

So, where are you now in this process? You have researched neighborhoods and homes and found something you would like. You have found a realtor who seems to understand what your desires are in a specific kind of home you are wanting and has helped you find this property. You have talked with the mortgage broker and discussed your financial needs and obligations as to what you are hoping to accomplish and can afford. Your broker has come back to you with mortgage documents from a lender to a loan that you feel you can afford. You are now waiting for the lender to decide if you will qualify and receive funds based on their corporate policies and computer algorithms. You have now reached what is called the escrow period.

During the escrow period the lender is looking through your financial life on paper. They are reviewing your credit report, your employment documents, your past taxes, your social media. They will claim that they are finding out more about you than you know yourself.

Now, it’s your turn. During this timeframe, it is my advice to do your own research. It is good to know who you are dealing with as well. Take some time to visit the website of your Secretary of State. You see, every business must register with the Secretary of State when they incorporate. In other words, for a lender to be able to do business within that state it must register with the Secretary of State. This office processes the filings, maintains records and provides information to the public relating to business entities such as corporations, limited liability companies, limited partnerships, limited liability partnerships, and other types of business filings.

In my experience, I have found that there are lenders who will construct loan documents despite the fact that they are not a legitimate business and legally able to do business. Now, you might hear this and think that is a rare thing. How could this be true? This couldn’t actually happen in our society with all of our checks and balances? Know that there are numerous financial institutions across the country that have given out hundreds of thousands of home loans when they were not legally capable of doing so. In other words, these lenders are doing business without the appropriate business license. This means that all of the loans that they contracted for are actually void. You could think that because of this fact the contract which you signed with this company was written on the equivalent of blank paper. The fact is that the business was not in a legal position to do business so by law the contracts that they constructed for home loans are void. Non existence. Unlawful. Illegal. Not valid.

* * * * * * * * * *

I welcome those reading my blog. I appreciate all of the emails I have been receiving. I also appreciate those who have registered and subscribe to this blog. If you have come from Facebook please comment on this site, rather than any Facebook post of this page due to the fact that there are many readers who are not part of Facebook forums, or even Facebook itself. I encourage all readers to put their comments on this site so that all of the information will be accessible to all readers from all parts of the internet. I urge you to join this site and receive the RSS feed, or bookmarking us, sharing us with your friends on Facebook and Twitter. If you know of anyone who might benefit from this information I urge you to pass on this website address! Share and let’s make some change together!

Thank you for stopping by.

©2014-2019 Doug Boggs All Rights Reserved