More than 400 pages of legislation detail the duties and powers of the Consumer Financial Protection Bureau that Congress is set to create. But the first director of the powerful new agency will play a critical role in determining how it works. “Whoever is in command will determine the agency’s path,” said Kathleen Engel, a Suffolk University law professor who sits on the Federal Reserve’s Consumer Advisory Council. “When you have a lot of power vested in an agency, everything depends on how effectively they carry out their rulemaking authority.”

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Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales

A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

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3d rendering of a row of luxury townhouses along a street

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