Vocal bank critic gets key US consumer bureau post

[swag]

Source: Reuters

(Reuters) - The Obama administration has selected Ohio Attorney General Richard Cordray, a vocal critic of the banking industry, to head the enforcement division of the new Consumer Financial Protection Bureau, according to a Treasury official.

Cordray, a Democrat, has been a leader among state attorneys general in the probe into mortgage foreclosure practices. The probe is examining whether banks submitted faulty legal documents in foreclosure proceedings.

The Obama administration will announce the selection of Cordray later today, the Treasury official said. Cordray lost his re-election bid in November to Republican Mike DeWine.

Cordray emerged as a key figure in the foreclosure probe when he announced in October that he would sue national mortgage servicer GMAC Mortgage and its parent company, Ally Financial, alleging fraud and violations of Ohio's consumer laws.



Read more: http://www.reuters.com/article/politicsNews/idUSTRE6BE3YE20101215

[SharonAnn]

1. Excellent!

[T Wolf]

2. If this is an accurate assessment of Cordray's positions, this is a good thing. nt

[Matariki]

3. good news.

for a change.

[Demeter]

4. And What of Elizabeth Warren?

[Frank Booth]

5. That would be a step down for her.

This is the enforcement division within the bureau, hence the appointment of a prosecutor.

[Frank Booth]

6. This is great news.

The fact that this has gotten so little attention here could tend to show that, no matter what Obama does, most of DU's never going to be satisfied.

[truthisfreedom]

7. K&R for great news!

Woohoo!