Former homeowners urge Senate to reject Mnuchin’s nomination

by Anna Sobrevinas20 Jan 2017
Steven Mnuchin, President-elect Donald Trump’s pick for Treasury secretary, is being criticized by people who lost their homes due to mortgage foreclosures handled by OneWest, the bank he formerly headed.

The former homeowners spoke at Capitol Hill at a forum led by Sen. Elizabeth Warren, urging for his nomination to be rejected, according to a USA Today report.

Christina Clifford of Whitter, Calif., told lawmakers that she paid her condominium’s mortgage on time from 2001 to 2008, when her acupuncture business closed during the recession. She sought lower monthly payments, as advised by the bank, but OneWest denied her claims. The bank said it had never received the proper paperwork – despite the fact that she had enclosed the documents with checks the bank cashed, USA Today reported.

"It felt as if they saw an opportunity to make a good chunk of money and they took it," Clifford said. "I think it's very frightening prospect to have a man like that in the seat of power at the U.S. Treasury.”

Warren was sharply critical of Mnuchin’s leadership of OneWest.

"Unfortunately, judging by Mr. Mnuchin's tenure as the head of OneWest Bank, there is significant evidence that he has no interest in working for the benefit of all Americans," Warren said.

Barney Keller, spokesman for Mnuchin, said Mnuchin "looks forward to answering questions from the members of the Senate Finance Committee.”


Related stories:
Leaked memo: Mnuchin’s bank violated foreclosure laws

Elizabeth Warren, Democrats take on Trump’s Treasury pick

COMMENTS

  • by Rick Cyngier | 1/20/2017 1:04:45 PM

    I think he will have a positive impact on the mortgage industry by making the CFPB and the Treasury Dept. more transparent. I believe he will encourage an audit of the Federal Reserve, pull back on Dodd-Frank, and encourage more small community banks to cut loose of regulation. By the way, Senator Warren might want to admit to taking advantage of buying foreclosures and flipping them. A little hypocrisy goes a long way.

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