December 17, 2010
E.S.O.P. Applauds Richard Cordray Taking Ohio’s Fight for Fair Lending to Washington, D.C.
Ohio’s loss in the fight against unfair lending practices is now the nation’s gain. As announced earlier this week, outgoing Ohio Attorney General Richard Cordray has accepted a position to lead enforcement efforts for the new U.S. Consumer Financial Protection Bureau.
E.S.O.P. Executive Director Mark Seifert says while he’s sorry to see Cordray leave Ohio, he’s confident he will take his fight to protect consumers to the next level. “He’s been a tireless advocate for Ohio consumers … I pity the bank that gets in his way. He’s demonstrated that if you rip off consumers he’s coming after you.”
As Attorney General Cordray stood up for homeowners facing foreclosure, battled Wall Street banks like Wells Fargo and Bank of America, targeted loan servicers like GMAC Mortgage and even won over a billion dollars in lawsuits from financial giant AIG. Federal law limited his ability to take stronger action on behalf of Ohio consumers. However, in his new role Cordray will have greater authority to protect consumers across the country from a wide range of unfair practices involving mortgages, foreclosures, credit cards, student loans and debt collection.
Cordray has worked along with E.S.O.P. over the years to help homeowners across the state facing foreclosure to stay in their homes. And when Ohio was left out of the $1.5 billion awarded to five states with the highest foreclosure rates, Cordray worked with E.S.O.P., other elected leaders and other advocacy groups to secure $172 million dollars in Hardest Hit funds.