The Supreme Court is set to hear a challenge against the Consumer Financial Protection Bureau in a case that has enormous implications for the economy.
"[We] submit this brief to highlight the potentially catastrophic consequences that a decision drawing those rules into doubt could have on the mortgage and real-estate markets," the brief reads."Thus, this Court should take care not to call into question current CFPB regulations, including those governing the real-estate financing industry, which could lead to immediate and intense disruption to the housing market, harming both consumers and the broader economy.
Since its establishment in 2010, the CFPB has become a key regulator of the mortgage industry on behalf of consumers.Newsweek." Loeb said that their brief was geared to provide the Court with the big picture of what they were about to address so that they don't make a decision that could harm the economy.
The mortgage industry is a $19 trillion industry and is the single largest component of household debt, accounting for over one-third of the total debt held by households, according to data firm Statista.
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