Real estate groups had mixed reactions to President Obama's controversial appointment Wednesday of Richard Cordray as the first director of the U.S. Consumer Financial Protection Bureau (CFPB). While the bureau has had the power to regulate big banks since its official launch in July, it was not until the director position was filled that the CFPB could exercise its full supervisory duties over nonbank institutions, including mortgage companies such as originators, brokers and servicers, and loan modification or foreclosure relief services; payday lenders; and student loan providers. "Many of these institutions had no regular federal oversight in the run-up to the financial crisis. They led a race to the bottom that pushed aside responsible businesses, including community banks a...
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