Trump Nominee Steven Mnuchin’s Bank Made Billions During Housing Crisis, Foreclosing on Homeowners in Arizona and Other States
PHOENIX, AZ – Today, Allied Progress launched a six-figure network and cable ad buy in Arizona as part of its Trump Transparency Project. The ads urge Sen. Jeff Flake (R-AZ) to reject Steven Mnuchin’s nomination for Secretary of Treasury. Trump Transparency Project was launched last month to hold the incoming administration accountable for economic appointments and policies that will hurt America’s middle class.
“Donald Trump promised he would hire the best to serve in his administration, but instead he’s picked a former Goldman Sachs executive who made millions when his own bank foreclosed on the family homes of thousands of hard-working Americans,” said Allied Progress executive director Karl Frisch. “Arizona was hit harder than nearly every other state by the foreclosure crisis that Steven Mnuchin and his Wall Street buddies helped to create — and profited from. Senator Flake has a simple choice: will he stand with Mnuchin and Goldman Sachs or with his fellow Arizonans who were brutalized by Wall Street greed during the Great Recession?”
Steven Mnuchin is a longtime Wall Street insider, formerly a second-generation executive at Goldman Sachs. At the height of the Great Recession, Mnuchin purchased IndyMac, later renamed OneWest Bank. Under his leadership, OneWest foreclosed on thousands of homeowners, including in Arizona, with the federal government absorbing the losses while the bank made billions in profits for Mnuchin and his colleagues.\
The foreclosure practices of Mnuchin’s bank came under intense fire, with one judge finding that OneWest committed “harsh, repugnant, shocking and repulsive” acts, characterizing the bank’s conduct as “inequitable, unconscionable, vexatious and opprobrious.” In another case, OneWest foreclosed on a 90-year-old woman over a payment that was short by 27 cents.
For More Information, Visit TrumpTransparency.org
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Allied Progress is a nationwide, progressive, advocacy organization that uses hard-hitting research and creative campaigns to hold Wall Street and other powerful special interests accountable. Since launching in 2015, the organization has led high-profile campaigns on several issues including reforming the payday lending industry and exposing the special interests working to cripple the Consumer Financial Protection Bureau (CFPB).
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Allied Progress uses hard-hitting research and creative campaigns to hold powerful special interests accountable and empower hardworking Americans.