Trump Nominee Steven Mnuchin’s Bank Made Billions During Housing Crisis, Foreclosing on Homeowners in AZ, NV, and Other States
WASHINGTON, D.C. – Today, Allied Progress launched two six-figure network and cable television ad buys in Arizona and Nevada calling on Senators Jeff Flake (R-AZ) and Dean Heller (R-NV) to reject President-elect Donald J. Trump’s nomination of Steven Mnuchin for Secretary of Treasury. The ads, entitled “Best,” highlight how former Goldman Sachs banker Mnuchin made millions of dollars off the foreclosures of thousands of family homes — including in Arizona and Nevada where the foreclosure crisis during the Great Recession was particularly horrific.
The ads, which begin airing today on broadcast and cable television in Arizona and Nevada, are the first major paid media effort targeting the incoming Trump administration.
“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 and Nevada were hit particularly hard by the foreclosure crisis that Steven Mnuchin and his Wall Street buddies helped to create — and profited from. Senators Flake and Heller have a simple choice: will they stand with Mnuchin and Goldman Sachs or with their constituents 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 and Nevada, 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.
Last month, Allied Progress launched Trump Transparency Project, an initiative aimed at holding the incoming administration accountable for its economic appointments and policies that will hurt America’s middle class. The Project will continue to hold the Trump administration accountable for advancing policies that hurt working Americans.
About Allied Progress
Allied Progress is a nationwide, progressive advocacy organization that uses hard-hitting research and creative campaigns to hold Wall Street and 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.