HousingWire reports during a Senate Banking Committee hearing concerning the nomination of Richard Cordray to head the Consumer Financial Protection Bureau (CFPB) for a second term, some committee members put Cordray on the hot seat. They grilled him about his operation of the agency and what would happen to the funds if his appointment is invalidated. Meanwhile, one panel member pointed out the CFPB received high marks from the banking industry for its handling of the the qualified mortgage (QM) rule. As MHProNews has learned, newly-elected Sen. Elizabeth Warren (D-Mass.), who set up the CFPB, told Cordray he has earned his nomination. Cordray was a recess appointment by President Obama, and did not originally receive Senate confirmation.

(Photo credit: ABC News–Richard Cordray)