Steven Mnuchin (pronounced men-oo-chen), the multi-millionaire hedge funder selected by President-elect Donald Trump to head the Treasury Department, will likely face a plethora of tough questions when he appears before the Senate Finance Committee next year for his confirmation hearing. Mnuchin increased his personal fortune through his co-ownership of OneWest, a controversial California-based bank that profited during the height of the Wall Street financial crisis by engaging in an array of unethical practices. Among its widely reported misdeeds, OneWest made predatory loans to the elderly by way of so-called reverse mortgages and then proceeded to aggressively foreclose on their homes. One of the most egregious examples of this practice was the case of Ossie Lofton, a 90-year-old Lakeland, FL homeowner on a reverse mortgage whom OneWest foreclosed on over a 27-cent payment error. Lofton paid a bill to a OneWest subsidiary that was short 30 cents in late 2014. When she was billed for the change, she mistakenly sent a check for 3 cents rather than 30. By November of that year, the bank had taken her home. Feeding the ‘Forecl [...]
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12/2/16 5:47 PM