Waters: California Foreclosure King Mnuchin’s Actions Disqualify Him from Being Treasury Secretary
Washington, DC, January 6, 2017
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement in response to a memo leak documenting widespread misconduct at OneWest, a bank that was headed by President-elect Trump’s Treasury nominee, Steve Mnuchin. The leaked memo exposes the bank’s violation of notice and waiting period statues, which subsequently forced struggling homeowners out of their homes, resulting in tens of thousands of foreclosures in California at the height of the financial crisis. The memo also discloses that the bank illegally backdated and falsified documents, gamed and manipulated foreclosure auctions, and engaged in other illegal acts during the foreclosure process:
“Given the breadth and scope of the subprime crisis that displaced millions of families across the country and brought the country to the brink of a Depression, it shocks the conscience that the President-elect, who promised to ‘drain the swamp,’ would give the keys to the Treasury to a man whose bank engaged in massive fraud and profited off the backs of Americans that his company threw out on the street.