Wednesday, November 30, 2016

Treasury Secretary Designate Ran A "Foreclosure Machine"

The emerging assminstration of neo- fascist sociopath Donald "Rump" Trump has a new member swamp thang: Treasury Secretary- designate Steve "27 Cents" Mnuchin, a Rump fundraiser and former Goldman Sachs executive who gained notoriety during the 2008 financial meltdown for running a "foreclosure machine" that caused untold misery to thousands of home owners. That machine, OneWest Bank, carried out more than 36,000 foreclosures in California under Mnuchin, who later profited handsomely (as much as $200 million?) from the sale of the bank. Some of the bank's shady practices under Mnuchin look all too familiar.

Here's some background from Bloomberg:
Dubious lending practices. Bailouts. Foreclosures. Robo-signing. Huge executive paydays. If Steven Mnuchin is nominated for Treasury secretary, his confirmation process promises to dredge up every controversy of the U.S. mortgage meltdown almost a decade ago.
Mnuchin is a former Goldman Sachs Group Inc. partner and movie financier with no government experience who spent the past six months working as Donald Trump’s chief fundraiser. Trump’s transition team recommended Mnuchin for the Treasury job, people with knowledge of the matter said last week, and a decision could come any day. The part of his background that’s likely to get the most scrutiny is the six years he spent running OneWest Bank, a Southern California lender. [snip]
The bank carried out more than 36,000 foreclosures during Mnuchin’s reign, according to the California Reinvestment Coalition, a San Francisco-based nonprofit whose deputy director, Kevin Stein, dubbed the bank a “foreclosure machine.” The group has accused OneWest of shoddy foreclosure practices and avoiding business in minority neighborhoods, claims the bank has denied. 
Then there are these victims of Mnuchin's bank:
If Mnuchin gets the nod, the world will hear more about people like Leslie Parks, who found the locks on her Minneapolis home changed during a blizzard in December 2009 after OneWest foreclosed. Or Rose Gudiel, who was evicted from her Pasadena home under circumstances she claimed were improper and inspired about 100 people to march on Mnuchin’s Bel Air, California, mansion in 2011.
Now, there's someone who fits the profile of a "populist," amirite?

One wonders how the nomination of banker, hedge fund millionaire and former Goldman Sachs "globalist" financier (we leave to your imagination the right- wing dog whistle there) Mnuchin will go over with the neo- Nazi/ white nationalist segment of Rump's base.  Or, perhaps we're expecting too much consistency from a mob that has a larger goal in mind -- that of implementing a white nationalist agenda regardless of the individual moving parts -- and who'll likely continue to "Heil Trump."  For the low- information, run- of- the- mill Rump voter (as Steve M. has noted regarding the likely demise of Obamacare), we don't see them blaming Rump or Republicans for any disaster that a Mnuchin- led Treasury may someday call down on their "economically anxious" heads.  That would be too reasonable.

BONUS: This sums it up nicely:
BONUS II:  Of course, he's a believer in supply- side, trickle down economics.

BONUS III:  Charles Pierce on the like-minded jackals Rump's stacking his cabinet with.

(Photo:  Protesters outside of Mnuchin's Bel Air estate in October 2011.)

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