What’s Being Said About Steve Mnuchin?

In case you missed it, Donald Trump announced last week that Steve Mnuchin will be his new national fundraising chair.  And, in case you missed this, Steve Mnuchin is the former chair of OneWest Bank. CRC opposed a merger between OneWest Bank and CIT Group.

Here’s a sampling of what’s being said about Steve Mnuchin, OneWest, and the merger with CIT Group:

However, Trump has made no secret about his admiration for tough negotiators, and Mnuchin certainly appears to be one — especially when the American taxpayer is across the table. The CIT acquisition closed despite a level of community backlash that wasn’t there for the myriad other bank mergers that have taken place in Los Angeles in the last couple of years, and the loss-share agreement carried over to CIT. Donald Trump’s Finance Chair Is A Bank Exec Who Made ‘Yuge’ Profits From The Financial Crisis

From the Rachel Maddow Show:  Trump turns to dark side for new campaign finance strategy

indymac-bank

(Click on link above to watch Rachel Maddow segment)

 

Similarly, OneWest Bank foreclosed on more communities of color than white communities. Of the 35,877 foreclosures the bank conducted in California from April 2009 to April 2015, 68 percent occurred in areas where the non-white population was 50 percent or higher.  Trump’s New Money Man Has a ‘Repulsive’ Record of Throwing Homeowners Out on the Street 

As a banker, Trump’s new fundraising chief made a specialty of targeting the most vulnerable sections of borrowers, including the elderly and racial minorities. Trump names hedge fund boss as finance chairman

Even among the many bad actors in the national foreclosure crisis, OneWest stood out. It routinely jumped to foreclosure rather than pursue options to keep borrowers in their homes; used fabricated and “robo-signed” documents to secure the evictions; and had a particular talent for dispossessing the homes of senior citizens and people of color. Donald Trump’s Finance Chair Is the Anti-Populist From Hell

“There is a sad irony in the image of Steve Mnuchin as a philanthropist, compared to the reality of Mnuchin as the leader of a bank responsible for foreclosing on tens of thousands of American families and senior citizens,” she said. “Steve Mnuchin was greatly enriched by OneWest Bank and now CIT Group, but those banks did little to serve the needs of ordinary families and working class communities.” The Worst of Wall Street: Meet Donald Trump’s Finance Chairman

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