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Today President Barack Obama brandished his executive power and defied Republican opposition to name Richard Cordray as the first director of the new Consumer Financial Protection Bureau. Infuriated Republican leaders in Congress say the appointment could be deemed illegal by the courts.

Senate leaders of both parties say they've reached a deal to prevent interest rates on millions of student loans from doubling beginning on Sunday. But House Speaker John Boehner has yet to decide whether the pact will be agreeable to the Republican-run House.

The federal mortgage modification program was targeted for criticism as a failed program as the procedural issues are hampering the foreclosure process nationwide, while foreclosures on defaulted mortgage loans declined.

US regulators were accused by the lawmakers who went too far on lending rule. They overstepped their authority and ignored the intents of the Congress.