New Director Of Federal 'Watchdog Agency' To Tighten Oversight Of Mortgage Servicers, Financial Institutions

Richard Cordray The federal government has joined a growing number of states in investigating and prosecuting “robo-signing” and notarial misconduct within the mortgage industry with the appointment of former Ohio Attorney General Richard Cordray as the first director of the new Consumer Financial Protection Bureau (CFPB).

Formed last year in response to widespread fraud and financial scandals, the CFPB is charged with oversight and enforcement authority over America’s mortgage servicers and other financial institutions, which includes so-called “nonbank organizations” such as mortgage brokers and servicers, credit reporting agencies and payday loan companies.

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