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Written Testimony of Director Richard Cordray Consumer Financial Protection Bureau Before the Senate Committee on Banking, Housing, and Urban Affairs Washington, D.C. February 14, 2013 Introduction Thank you Chairman Johnson, Ranking Member Crapo, and members of the Committee for inviting me back today to testify about implementation of the Dodd-Frank Wall Street Reform and Consumer [...]
Thank you, Mr. President, for the confidence you have placed in me and our team at the Consumer Financial Protection Bureau. We understand that our mission is to stand on the side of consumers – our mothers and fathers, sisters and brothers, sons and daughters – and see that they’re treated fairly. For more than [...]
Thank you for joining me today to announce another of the Consumer Financial Protection Bureau’s new mortgage lending rules. Just a few years ago, our country went through the greatest financial crisis since the Great Depression. One of the reasons for the collapse was that mortgage borrowers were steered towards high-cost and risky loans they [...]
In 2004, I encountered the foreclosure crisis for the first time. I was serving as the Franklin County Treasurer and we noticed that an unusual number of people in central Ohio were losing their homes. So we assembled a broad coalition of people and groups in a “Save Our Homes” task force. The problem was [...]
Today, we’re issuing one of our most important rules to date, the Ability-to-Repay rule. It’s designed to assure the reliability of mortgages – making sure that lenders offer mortgages that consumers can actually afford to pay back. This is a simple, obvious principle that needs to be cemented in the housing market. In the run-up [...]
Let me say thank you to everyone, including our elected leaders, for joining us today as we announce our Ability-to-Repay rule – a rule designed to ensure that lenders are offering mortgages that consumers can actually afford to pay back. This is a simple, obvious principle that needs to be re-established in the housing market. [...]
