Real estate groups offer mixed reactions to Cordray appointment

MBA wary of Consumer Financial Protection Bureau's powers over mortgage firms

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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.