Treasury Secretary nomination: Steven Mnuchin
Wall of Us: As
we covered last week, Steven Mnuchin, the former Goldman Sachs
executive, is infamously known as the “Foreclosure King” due to his vicious
tactics during the housing crisis. He assembled a group of investors to buy
IndyMac, a failed bank; renamed the bank OneWest Bank; ran it for six years;
and then recently sold it for a profit of $1.5 billion. During those six years
OneWest Bank put tens of thousands of Americans out of their homes by using
predatory and aggressive lending and foreclosure practices. OneWest is
undergoing a federal investigation for these practices.
Updates:
Given Mnuchin’s Wall Street background, it is not surprising that he wants to roll back the very regulations that are intended to protect Americans from banks. Essentially, Trump has picked the fox to guard the henhouse.
Given Mnuchin’s Wall Street background, it is not surprising that he wants to roll back the very regulations that are intended to protect Americans from banks. Essentially, Trump has picked the fox to guard the henhouse.
His lack of business ethics will all too likely compromise his role as Treasury
Secretary. He has almost always put Wall Street first and favored rolling back
regulations. The predatory lending practices he spearheaded at OneWest Bank
were unethical and led to the impoverishment of many Americans through loss of
their homes. He also lacks any government experience.
Worst of all, he lied to the Senate Finance Committee during his hearing! From a Columbus Dispatch article published Jan 28: "Steve Mnuchin, former
chairman and chief executive officer of OneWest Bank, known for its aggressive
foreclosure practices, flatly denied in testimony before the Senate Finance
Committee that OneWest used "robo-signing" on mortgage documents. But
records show the bank utilized the questionable practice in Ohio.")
