Court Deems Unconstitutional The U.S. consumer watchdog’s structure has been deemed unconstitutional by the U.S. Appeals Court. The court pointed out that too much power was put into the hands […]
A New Profit Center It is no secret that China is the second largest economy in the world, but what many in South Florida are finding out is that they […]
Court Deems Unconstitutional
The U.S. consumer watchdog’s structure has been deemed unconstitutional by the U.S. Appeals Court. The court pointed out that too much power was put into the hands of one agency director.
The Consumer Financial Protection Bureau, or CFPB, has been under fire since its creation following the financial crisis of 2008-2009. The Court went on to say that it is unconstitutional to limit the power of The President of the United States by not allowing him to remove an agency director.
The law creating this independent agency stated that the director’s removal could only be for cause and not over political differences. This conflicted the constitution, which says the president can remove a person for any reason.
The federal government disagreed with the court decision saying it was constitutional.
Richard Cordray, a Democrat, has been on top of the agency since it began in 2011. His term does not end until 2018, so his reign likely will not be affected unless Donald Trump were to become president.
The case, which brought about this decision, involved allegations that a mortgage lender in New Jersey was receiving illegal kickbacks from mortgage insurance company referrals. The CFPB ordered the company to pay back the ill-gotten funds, and the company challenged the bureau’s structure and believed their actions to be legal.
“The Bureau respectfully disagrees with the court’s decision,” CFPB spokeswoman Moira Vahey communicated in her statement. “The Bureau believes that Congress’ decision to make the director removable only for cause is consistent with Supreme Court precedent, and the Bureau is considering options for seeking further review of the court’s decision.”
A New Profit Center
It is no secret that China is the second largest economy in the world, but what many in South Florida are finding out is that they are using their resources to purchase property in the area. For many years realtors have been dreaming of tapping into this almost endless resource. Finally, it seems to be becoming a reality.
Recently, large real estate brokerage firms have put together large groups of high-end Chinese investors to tour the South Florida real estate market. Whether it is the unique architecture or the tropical climate, these investors were showing tremendous interest and sales followed.
The Miami-Dade Chamber of Commerce launched an Asia task force with the sole purpose of shrinking the distance between China and Miami-Dade. The success of this initiative rests heavily on going overseas and putting together these “tours” to stir up demand.
China purchased more real estate in the US than any other country between April 2015 and March 2016. Unfortunately, Miami-Dade only saw 2% of its business coming from China. Although, 2016 has seen Chinese investors spending hold steady.
Many look to the expansion of the Panama Canal and increased shipping to the South Florida ports as a reason the demand has been firm. At the same time, there have been some increase investments in local businesses and commercial real estate being financed from China. Coincidence? Maybe not.
Either way, the South Florida marketplace is hoping the trend continues and the flow of the lucrative Chinese real estate buyers climbs higher each year.
Consumer Financial Protection Bureau
UncategorizedCourt Deems Unconstitutional The U.S. consumer watchdog’s structure has been deemed unconstitutional by the U.S. Appeals Court. The court pointed out that too much power was put into the hands […]
The Chinese Buyer
UncategorizedA New Profit Center It is no secret that China is the second largest economy in the world, but what many in South Florida are finding out is that they […]