MOVES-U.S. consumer bureau hires former Freddie Mac exec - WSJ

Fri Aug 15, 2014 1:21pm EDT

Aug 15 (Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) has hired Patricia McClung as assistant director of mortgage markets, the Wall Street Journal reported, citing an official with knowledge of the matter.

McClung, who spent 23 years at mortgage finance firm Freddie Mac, joins CFPB from the Federal Housing Administration, where she was a senior adviser for the past year.

In her new role, McClung will assess the impact of the agency's new mortgage lending rules, the Journal said. (on.wsj.com/1mRbm27)

McClung assumes office next month, succeeding Peter Carroll, who resigned earlier this year to join Wells Fargo & Co.

CFPB has been facing pressure from the mortgage industry to relax its rules, which were put in place to prevent the sloppy practices that aggravated the U.S. foreclosure crisis.