Like many of Trump’s cabinet picks, Mnuchin is a former Goldman Sachs executive—a second generation Sachs partner. But on the heels of the housing crash, Mnuchin made a killing by buying California-based housing lender IndyMac, renaming it OneWest Bank, and going into the wholesale foreclosure business. Not only did Mnuchin’s bank foreclose on a 90-year-old widow over a 27 cent payment, he did things that were worse.
OneWest rushed delinquent homeowners out of their homes by violating notice and waiting period statutes, illegally backdated key documents, and effectively gamed foreclosure auctions.
Illegal actions by Mnuchin’s bank were so common, that when just one small section of his loans were examined by the California’s State Attorney General’s office, over a thousand legal violations were found. And when confronted by federal regulators, OneWest was the only bank that refused to negotiate.