Mnuchin Again Denies Robo-Signing, Despite Yet More Evidence He Is Lying
Mnuchin Again Denies Robo-Signing, Despite Yet More Evidence He Is Lying
The Intercept: This is the very definition of robo-signing. OneWest signed and agreed to the consent order, though it never admitted or denied the activity However, in a Florida foreclosure case, a OneWest employee plainly admitted to robo-signing. On July 9, 2009 – four months after OneWest took over operations from IndyMac, with…
Treasury Pick Steve Mnuchin Denies It, But Victims Describe His Bank as a Foreclosure Machine
Treasury Pick Steve Mnuchin Denies It, But Victims Describe His Bank as a Foreclosure Machine
TREASURY SECRETARY NOMINEE Steve Mnuchin kicked off his confirmation hearing Thursday with a defiant opening statement, mostly defending his record as CEO of OneWest Bank. He cast himself as a tireless savior for homeowners after scooping up failed lender IndyMac. “It has been said that I ran a ‘foreclosure machine,’” he said. “I…
Steven Mnuchin, Treasury Nominee, Failed to Disclose $100 Million in Assets
Steven Mnuchin, Treasury Nominee, Failed to Disclose $100 Million in Assets
WASHINGTON — Steven T. Mnuchin, President-elect Donald J. Trump’spick to be Treasury secretary, failed to disclose nearly $100 million of his assets on Senate Finance Committee disclosure documents and forgot to mention his role as a director of an investment fund located in a tax haven, an omission that Democrats said made him unfit to serve in one of the government’s most important positions.…
Trump’s finance chair specialized in fraudulent foreclosures during the heart of the 2008 US economic collapse
Trump’s finance chair specialized in fraudulent foreclosures during the heart of the 2008 US economic collapse
Slate: And now, the New Republicreports, he’s named a national finance chairman who made a ton of money running a bank that, per TNR, repeatedly committed fraud in the course offoreclosing on struggling homeowners during the housing crisis. That individual is Steve Mnuchin, former chairman and primary owner of OneWest Bank. Here’s a fact about that institution’s business practices: Erica…
Trump's Finance Chair Made Billions Off The 2008 Financial Crash
Trump’s Finance Chair Made Billions Off The 2008 Financial Crash
International Business Times: Days after Trump’s decisive primary win in Indiana, his campaign indicated that it was growing. Team Trump has added a finance chair: Steven Mnuchin, the founder of a private equity firm that received a government-funded jackpot after the 2008 housing collapse. Mnuchin, a former partner at Goldman Sachs, heads up Dune Capital. The investment firm put together a…
High Court Reverses Decision To Hear IndyMac Appeal
Law360, New York (September 29, 2014, 3:38 PM ET) — The Supreme Court on Monday revoked its granting of cert in a dispute over whether a tolling provision should apply to certain securities suits, just days after the litigants said a settlement in the underlying class action wouldn’t impact the appeal.
In a very short order, the high court summarily dismissed its writ of certiorari to the Public…
Justices Request Settlement Details In IndyMac Appeal
Law360, New York (September 24, 2014, 1:09 PM ET) — The U.S. Supreme Court on Tuesday ordered the parties Public Employees’ Retirement System of Mississippi v. IndyMac MBS Inc. to file additional 10-page briefs by Thursday explaining how the appeal might be impacted by a proposed settlement in the underlying class action.
The high court in March agreed to reconsider a Second Circuit decision that…
Curt and Theresa used the "Tell Your Story" link at the top of the page to recount this enraging story of IndyMac's failure to help a couple hit hard by the Great Recession. They are working with New Jersey Communities United to fight back and save their home.
We are Curt & Teresa and we live near the Jersey Shore in Port Reading, NJ. We were served with our foreclosure summons just days after Hurricane Sandy ravaged communities throughout New Jersey. We were fortunate that Hurricane Sandy didn’t wash away our home, but our mortgage holder - IndyMac - is threatening to do just that.
We bought our home in 2001 when Curt had a living-wage union job as a construction worker. Despite a substantial down payment, our lender at the time, CIT Group, offered us an Adjustable Rate Mortgage with 11% interest. The economy was strong, our income was steady and we never missed a mortgage payment. When the economy crashed, Curt lost his job in construction and now both of us are still struggling to find steady work.
We are doing everything to save our home; including applying for the federal Home Affordable Modification Program (HAMP) and Home Keeper funds. We even called the lender that now holds our loan, IndyMac, in the hopes that we could negotiate lower payments and save our home.
Instead of working with us, IndyMac forced us into a trial loan modification that was HIGHER than the monthly payment we already could not afford! We asked them directly for a principal write down, and were told ‘we don’t do that. You have to apply for that through the government.’ The truth is, a principal write down is the only solution for us and IndyMac has the power and authority to make it happen. But, IndyMac’s policy excludes doing principle write downs with customers!
When IndyMac says they don’t “do principle write downs,” they mean it. Why? In 2009, IndyMac was absorbed by OneWest who entered a sweetheart deal with the FDIC. The terms of the deal essentially incentivize OneWest/IndyMacy to foreclose, instead of work with homeowners. This means that OneWest/IndyMac actually make a profit by foreclosing on families – using taxpayer funded money from the FDIC!
