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On Wednesday morning the Supreme Court ruled that the statutory restrictions on the president's ability to remove the chairman of the Federal Housing Finance Agency (FHFA) violates the Constitution's separation of powers. Within hours the White House announced it would be replacing Mark Calabria who currently holds that position. The decision, in a case now known as Collins v Yellen, was similar to Seila Law v The Consumer Financial Protection Bureau (CFPB) which was decided last year in favor of the plaintiffs. Both FHFA and CFPB were created during the housing crisis and had similar independent structures, each headed by a single chairperson for a five-year term. Neither chairperson could be removed from office except for cause. The Collins case, however, had an additional component. The
Rob Chrisman
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In case you haven’t heard, the Supreme Court ruled that a U.S. president can remove the head of Federal Housing Finance Agency, in this case, Mark Calabria (who has his thoughts on the decision ). Plenty of lenders ask, “What now? Who wil... (read more)
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Housing News
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On Wednesday morning the Supreme Court ruled that the statutory restrictions on the president's ability to remove the chairman of the Federal Housing Finance Agency (FHFA) violates the Constitution's separation of powers. Within hours the White House... (read more)
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Housing News
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New home sales dropped for the second month in May, falling below an 800,000 unit pace for the first time in a year. The U.S. Census Bureau and the Department of Housing and Urban Development said newly constructed homes sold at a seasonally adjusted... (read more)
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