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PHH Corp. faces CFPB action following investigation into reinsurance practices
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Consumer Protection
Friday, January 31, 2014
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The Consumer Financial Protection Bureau (CFPB) filed an administrative proceeding against PHH Corp. and its affiliates, following a lengthy investigation of the company’s reinsurance practices. The bureau said PHH harmed consumers through a mortgage insurance kickback scheme that started as early as 1995. The CFPB is seeking a civil fine, a permanent injunction to prevent future violations and victim restitution. The bureau did not say how much money it would seek in fines and restitution.
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