Consumer Agency's Warren Said To Hire Ohio Attorney General

[SpartanDem]

Elizabeth Warren, the special White House adviser setting up the Bureau of Consumer Financial Protection, has selected Ohio Attorney General Richard Cordray to head the new agency’s enforcement arm, according to two people briefed on the appointment.

Cordray, a Democrat who was defeated in November for re- election by former Republican Senator Mike DeWine, has participated in the multi-state investigation of mortgage servicers over allegedly falsified documents.

The consumer bureau, which was created by the Dodd-Frank regulatory overhaul, has the authority to regulate consumer financial products, and Warren has set credit cards and mortgages as its first priorities. Its employees are now part of the Treasury Department and will join the bureau when it officially starts work in July 2011.

In November, Cordray sued GMAC Mortgage LLC and its corporate parent, Ally Financial Inc., accusing them of using fraudulent affidavits in court cases over foreclosures in Ohio, according to the state’s website. His office is also managing litigation against financial firms including American International Group and Bank of America Corp.

http://www.bloomberg.com/news/2010-12-14/warren-said-to-hire-ohio-s-cordray-to-lead-consumer-agency-enforcement-arm.html

Wait who Obama did nominate to run the CFPB? Oh that's right, the person Elizabeth Warren personally selected. Just thought I'd post this given the selective amnesia floating around this place. I'm mean Obama hires the person she handpicked, a known Wall St. fighter, but he's the bad person? Someone please explain this to me.

[Number23]

1. "selective amnesia"

You got that right.