Bloomberg: Ohio AG Cordray To Lead CFPB’s Enforcement Arm

Posted by Orb Staff on December 15, 2010 No Comments
Categories : Mortgage Servicing

Ohio's outgoing attorney general, Richard Cordray, has been chosen to lead the Consumer Financial Protection Bureau's (CFPB) enforcement arm, Bloomberg reported Tuesday, citing people briefed on the appointment.

Cordray is reported to be the preferred choice of Elizabeth Warren, the White House adviser tasked with operationalizing the CFPB.

Defeated in his bid for re-election last month, Cordray will soon leave the office of Ohio's attorney general. During his tenure in that position, Cordray aggressively went after mortgage servicers regarding their loan modification efforts. More recently, Cordray sued GMAC Mortgage LLC and parent company Ally Financial Inc. over claims that GMAC submitted false affidavits to courts in foreclosure cases.

Additionally, Warren has hired Tim Duncan, founder of Story Street Partners Inc., to lead the bureau's technology operations, and David Forest, formerly of The Motley Fool, to lead ‘online engagement,’ Bloomberg reports.

SOURCE: Bloomberg

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