Elizabeth Warren, Democrats take on Trump’s Treasury pick

by Ryan Smith20 Dec 2016
It looks like Elizabeth Warren and her fellow Senate Democrats will try to make confirmation as onerous as possible for President-elect Donald Trump’s pick for Treasury secretary.

In one of her signature Twitter rants, Warren recently took Steve Mnuchin to task for his leadership at OneWest Bank, the financial institution he once chaired.

“Steve Mnuchin & OneWest Bank swooped in after the 2008 crash & aggressively – & sometimes illegally – foreclosed on people’s homes,” Warren said in a representative tweet.

It seems Democrats will use Mnuchin’s time at OneWest against him in their effort to stall his confirmation, according to a HousingWire report. Democrats have called Mnuchin the “foreclosure king,” and are asking people who’ve been impacted by OneWest’s policies to come forward.

Meanwhile, two housing advocacy groups have accused OneWest of illegally redlining minority neighborhoods and engaging in discriminatory lending practices under Mnuchin’s leadership, HousingWire reported.

Mnuchin and his partners formed OneWest from the remnants of failed bank IndyMac in 2009. They sold the bank to CIT Group in 2015 – a move that garnered Trump’s approval.

“He purchased IndyMac for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital,” the president-elect said last month. “That’s the kind of people I want in my administration representing our country.”

Warren and Senate Democrats, however, have been concentrating not on Mnuchin’s business acumen, but on his companies’ penchant for foreclosure.

“Steve Mnuchin & OneWest also ran Financial Freedom, which serviced 17% of reverse-mortgages but were responsible for 39% of foreclosures,” Warren tweeted. Warren also tweeted that as Treasury secretary, Mnuchin would “make big banks even richer at the expense of families.”

And Senate Democrats have taken to referring to Mnuchin as the “foreclosure king” on their official website.

“As the Chief Executive Officer and owner of OneWest Bank, Mnuchin oversaw what housing advocates called a ‘Foreclosure Machine,’ they said.

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  • by NoSpin JustFacts | 12/20/2016 12:22:43 PM

    Senator Warren has destroyed all credibility of concern for consumers with her creation and support of CFPB. This anti-consumer organization has elevated the cost of obtaining a mortgage far exceeding the rate of inflation and used onerous regulations to deny homeownership to folks that can afford to make the mortgage payments for they homes they prefer top own (fear based underwriting; not risked management based underwriting).

    Senator Warrent and her politician cohorts are spinning the media to prevent exposure to the devastation their 2010 Dodd-Frank policies have hurt qualified consumers. No different than Representative Barney Frank did with his media spin that Fannie & Freddie were financially sound and not getting ready to collapse in 2007 - 2008.

    Sorry creators of Dodd-Frank, you have no reputable credibility of looking out for folks that are responsible enough to make their credit obligations. The continued use of "under-served" (code for bad credit & no money) consumers is not fair to those consumers that are capable and brutally lacking compassion with using false hope for those that are not. For 50 years, these Big Government anti-consumer policies have kept generation upon generation of citizens stuck in the inner-cities poverty and high crime as a way of life using their Washington DC political false hope.

  • by Bruce | 12/20/2016 1:56:23 PM

    F the Bitch....she's done nothing but harmed consumers and created hatred.
    I'm a prime example. Dodd/ Frank and the CFPB gotta go!

  • by Steve 228 | 12/21/2016 10:25:45 AM

    I am absolutely amazed by the contributing trolls to this web site. Yes, by all means let's make this about Warren. Let's forget what got us into the greatest recession since the depression. Let's forget that what she says about the large banks. Let's let the foxes continue to rape the chickens without any consequence, all because of an outright hatred of Warren. With thinking like that we deserve the economy we get.


Should CFPB have more supervision over credit agencies?