Statement on “Widespread Misconduct” by Treasury Nominee Steve Mnuchin’s OneWest Bank, Revealed in New Documents

For Immediate Release

Statement on “Widespread Misconduct” by Treasury Nominee Steve Mnuchin’s OneWest Bank, Revealed in New Documents

Wall Street reformers: The public deserves answers from Mnuchin before hearing moves forward

WASHINGTON - Today, the Intercept published a report based on never-before-public documents from the office of the California Attorney General finding numerous examples of misconduct by the bank managed by Donald Trump’s “foreclosure king” pick for Treasury Secretary, Steve Mnuchin.

The story shows investigative staff found Mnuchin’s OneWest Bank made “over a thousand legal violations in the small subsection of OneWest loans they were able to examine.”

The following statement can be attributed to Kurt Walters, campaign director at Demand Progress’s Rootstrikers project:

“Today’s revelations of ‘widespread misconduct’ and evidence of thousands of legal violations by Steve Mnuchin’s OneWest Bank paint a damning picture of Mnuchin’s time as CEO.

"The documents made public today bolster the already strong case that Mnuchin’s bank was an egregious actor during the foreclosure crisis, flouting both the law and common decency in the rush to kick Americans out of their homes.

"Donald Trump’s team is rumored to have done a half-baked job at best of vetting his nominees for key cabinet roles, so it’s incumbent upon the Senate to insist on a thorough and public examination of all nominees, but particularly one named to lead the critical Treasury Department.

A free and independent press is essential to the health of a functioning democracy

"The Senate must not hold a hearing on Sen. Mnuchin’s nomination until after Mnuchin:

  • makes full and public disclosures about his role in obstructing investigations into wrongdoing by his companies,
  • makes a full and public accounting of the settlements and lawsuits OneWest has been subject to for illegal behavior, and
  • gives a full response to all questions submitted by Finance Committee members”

Shortly after the story was published today, a spokesperson for Mnuchin stated he would not answer a set of questions from Sen. Sherrod Brown, a member of the Senate Finance Committee, the committee of jurisdiction for Mnuchin’s confirmation.

The full Intercept story is available here: https://theintercept.com/2017/01/03/treasury-nominee-steve-mnuchins-bank-accused-of-widespread-misconduct-in-leaked-memo/

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Rootstrikers is a project of Demand Progress dedicated to reclaiming our government so it works for everyone and not just the wealthy and the well-connected.

Demand Progress is a 501(c)4 entity, with 501(c)3 sponsorship from the Citizen Engagement Lab Education Fund.

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