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Politico: FHA Official to Join CFPB Mortgage Office

Federal Housing Administration (FHA) official Patricia McClung will head to the Consumer Financial Protection Bureau (CFPB) as assistant director for mortgage markets, two industry sources tell Politico Morning Money in a recent article.

McClung will replace Peter Carroll, who played an important role in shaping new mortgage rules that went into effect January. Carroll now serves as senior vice president of capital markets at Wells Fargo Home Mortgages. He assumed that role in March.

McClung, the senior single family housing policy adviser at FHA, informed staff Thursday that she would take the new job in a month.

Her departure follows FHA Commissioner Carol Galante’s announcement that she is preparing to leave the agency by year-end.

Written by Cassandra Dowell