Clinton snags former CFPB exec, Warren ally for transition team

by Ryan Smith31 Aug 2016
Democratic presidential nominee Hillary Clinton has added a former Consumer Financial Protection Bureau executive to her transition team, according to a HousingWire report.

Clinton is reportedly bringing aboard Rohit Chopra, former assistant director and student loan ombudsman for the CFPB. Chopra is a close ally of Sen. Elizabeth Warren, according to HousingWire.

While at the CFPB, Chopra was highly critical of the impact of student loan debt on first-time homebuyers. “The fact is student indebtedness impacts the credit profile of first-time homebuyers,” he said in 2013. “Three-fourths of the fall in household formation can be directly correlated to student debt.”

Clinton’s decision to bring Chopra on board may signal that Warren will have a great deal of influence in a prospective Clinton Administration, according to a Politico report.

“Warren has been vocal about her belief that ‘personnel is policy,’ and many Democrats expect her to have an elevated voice in Clinton’s transition process, including through allies like Chopra,” Politico reported.


  • by | 8/31/2016 3:23:13 PM

    This why you must vote for Trump . Warren and Clinton are both cancer to the mortgage biz. and all of the banking and finance biz.

  • by | 8/31/2016 4:59:32 PM

    Vote Trump. The last 8 years of Obama and Hillary have been enough. Neither of the two understand real estate. It still makes no sense how a borrower can borrow as much as allowed by law (36% debt ratios) with income verification and walk out of the real estate office to go down the street and buy a new car (which increases their debt ratios to 50%) without verifying income and then go to a finance company and borrow additional debt (which increases their debt ratios to 60%). This makes absolutely no sense whatsoever and the MLO has to keep getting educated on this non-sense and how the MLO is responsible for a borrower that doesn't pay their bills after being qualified for the mortgage mortgage that they applied for. MLOs cannot stop a borrower from increasing their debt once they close on their mortgage mortgage. Borrowers aren't stupid! They know they borrow as much as they ever did, just not at the mortgage office. Also there are peaks and valleys in business. Small business owners have no choice but to borrow at the peaks because they are very unlikely to qualify any other time. Equity means absolutely nothing when you walk into a bank to borrow money. Banks will not mortgage you money on equity any longer since Frank and Dodd. We are now one big valley in the business cycle from everyone going bankrupt!!!

  • by steve | 8/31/2016 6:57:45 PM

    transition to what?


Should CFPB have more supervision over credit agencies?