AG Rich Cordray Signs on to Letter U.S. Consumer Financial Protection Agency
23 Attorney Generals have signed a letter urging the creation of a new agency to fight “deceptive practices” in the lending industry. According to AG Cordray, the same government which demanded that loans be made to unqualified poor minorities, forced the re-writing of contracts by judges, and created the accounting nightmare called “Sarbanes-Oxley” will now police the very problems they created.
Will Cordray also support the creation of an agency to protect lenders from deceptive borrowers who buy houses they can’t afford? Or perhaps there should be another agency which will investigate just why 23 Attorney Generals are writing a polite letter to Chris Dodd and Barney Frank, instead of investigating those two Congressmen’s involvement in the financial collapse (Countrywide scandal, OneUnited Bank in Boston, questionable donations (and a boyfriend) from Freddie & Frannie, et cetera) and possibly arresting them?
As you may have saw in my interview with AG Cordray, I was genuinely impressed with his seemly conservative legal philosophy. But little things like this make me think he is simply a politically savvy, thinner version of Marc Dann.