Obama’s Consumer Watchdog Targets Mortgage, Payday Lenders

January 10, 2012 Off By administrator

Obama’s Consumer Watchdog Targets Mortgage, Payday Lenders
News from Businessweek:

January 10, 2012, 4:41 AM EST

  • Fed Should Fine Law-Defying Mortgage Servicers, Raskin Says
  • Cordray Appointment Activates Full Powers of New Consumer Bureau
  • More Obama Nominees in Jeopardy After Cordray Recess Appointment
  • BofA Surges on Speculation of U.S. Mortgage Refinance Plan
  • Fed Report Says Fannie, Freddie Losses May Aid Housing Recovery

By Carter Dougherty

(Updates with Republican lawmakers’ questioning appointment starting in the 15th paragraph.)

Jan. 6 (Bloomberg) — Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau mov…………… continues on Businessweek

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Consumer watchdog Cordray called smart, tough
News from Associated Press:

(AP) — The flap surrounding President Barack Obama’s choice of former Ohio Attorney General Richard Cordray as his point man on consumer issues is unfamiliar territory for the studious, mild-mannered public servant.

Obama named Cordray to direct the new Consumer Financial Protection Bureau in a recess appointment last week while visiting Cleveland. Republicans critical of the new agency as too powerful had managed to block the appointment for months and are now challenging it.

Perhaps not since Cordray was the undefeated five-time champion on Jeopardy! has he been at the center of such heated push back.

A public servant for decades, Cordray has tended to keep his head down and his splashes in the media to a minimum.

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