House Financial Services Chairman Jeb Hensarling (R-Texas) and House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.) told CFPB Director Richard Cordray they are concerned about former Deputy Director Raj Date and other former CFPB senior employees' alleged profiting off the rules they helped create.
The two GOP leaders fired off a letter Aug. 1 detailing their unease with Date's new advisory and investment firm that would securitize mortgages that don't meet qualified mortgage standards.
Since Date left the CFPB in March, two months after the QM rule was finalized, several other senior employees have joined his firm, the two congressmen said in a release. Witnesses at recent congressional hearings exploring the rule's impact have said as many as half of today's mortgages would not meet QM standards. The rule goes into effect Jan. 10, 2014.
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