Vocal bank critic gets key U.S. consumer bureau post

(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.

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