The Consumer Financial Protection Bureau has been ruled unconstitutional! Say what!?! And, some of said they are the most power Bureau in the land with a one person Director with absolute power! Now, Lenders are all over this thing because well frankly the CFPB has been tasked with implementing all these new rules that both Lenders and Realtors love. Making lending much more difficult since the CFPB has been in power. Some were good, needed changes, others were not. Realtors don’t click out. I’m going to break this down for everyone. Matter fact everyone should watch this because – this ruling seems great on the surface but it puts a ton of power into the new President’s hand. I know, we all hate this election and can’t stand either candidate but again, your vote counts more than ever. Why? Well inside the ruling is this little nugget. The US Court Appeals stated the CFPB structure is unconstitutional! Great, we all know this. The most powerful Bureau in the land ran by one person, Richard Cordray. Probably not the best set up wouldn’t you say!?! Who by the way was a recess appointment? What does that mean and this is not an episode of house of cards either. That means congress is on a break say for a holiday and the president goes in and says “you, Richard Cordray, you are the new Director. All opposed,? Oh nobody cause you are all on vacation, cool you get the job”. Ah great call Prez! Such a popular decision you had do it while no one was looking. Shocking the courts found this unconstitutional, right? Remember why they are in court in the first place. The recess appointed director Cordray increased a fine on a lender, PHH, to the tune of $100M!!! On a whim no less! His agency had already handed down a $6M penalty and Cordray said ahhh lets just had a $100M to that! So ya, PHH fought back and won! Again guys, this is real life and not an episode of House of Cards! Although all this crazy stuff during the election has me believing we are in a real life episode of House of Cards (such a good show)! Talk about art imitating life! Sheesh! So the court does what is supposed to do and says ahh not so fast director Cordray and “oh by the way your whole sitch is unconstitutional”. Great right!?! we won!?! Except the court’s solution was to allow the president to dismiss a CFPB director for any reason — arguably making the situation worse by putting the CFPB directly under the control of the White House!