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Financial Freedom Senior Funding Corporation

Gingrich Backs Lifting Campaign Finance Restrictions

Complete Premium video at: Former Speaker of the House Newt Gingrich discusses the "Citizens United" ruling, which determined ...

CIT Bank selling Financial Freedom, exiting reverse mortgage business

The settlement is for Financial Freedom’s recovery of mortgage insurance payments from the Federal Housing Administration that the company was allegedly not entitled to.

And now, CIT is selling off Financial Freedom and exiting the reverse mortgage business.

CIT did not disclose much in the way of details of the deal. CIT did not disclose the buyer of Financial Freedom, nor any financial details on the deal.

CIT said that the deal includes Financial Freedom and its reverse mortgage portfolio, including the sale of mortgage servicing rights and approximately $900 million of reverse mortgage whole loans, including other real estate owned assets.

In a statement, CIT Group Chairwoman and Chief Executive Officer Ellen Alemany said the deal is another step in the company’s plan to simplify its operations going forward.

“Throughout this year we have made continued progress in transforming the company and applying our focus toward maximizing the potential of our commercial banking and deposit franchises, which are the core of our go-forward strategy,” Alemany added. “We are pleased to have reached this agreement, which will enable CIT to exit the reverse mortgage business.

Constitutionality of Consumer Financial Protection Bureau Likely Going to Supreme Court

“Indeed, other than the President, the Director enjoys more unilateral authority than any other official in any of the three branches of the U.S. Government,” he added, in an observation certain to get the Supreme Court’s attention when the challengers inevitably ask the justices to review this case.

Judge Karen LeCraft Henderson dissented separately, writing that, “the consent of the governed is a sham if an administrative agency, by design, does not meaningfully answer for its policies to either of the elected branches.”

“As a guarantor of self-government, Article II has always been one of the Constitution’s best provisions,” Henderson continued. “But it suffers a major defeat today and will suffer more if today’s decision stands.”

“In my view, the CFPB violates Article II and should be invalidated top to bottom,” she concluded, saying that Dodd-Frank’s director-removal provision could not be severed from the rest of the Dodd-Frank’s Title X, and thus that the entire CFPB is unconstitutional and must be abolished.

Is it a coincidence that the same companies Geithner meets with regularly will be exempt from new finance rule?

Turns out Secretary of the Treasury (Turbo Tax Cheat Geithner) speaks quite regularly (VERY regularly) with 3 companies specifically: Goldman Sachs, Citigroup, and JPMorgan Chase.