Donald Trump’s choice of financier Steve Mnuchin to be his Treasury secretary is attracting major controversy.
Mnuchin led the hedge fund Dune Capital Management, which earned him the funds to become Trump’s head fundraiser and he now operates as a member of the presidential transition team
Mnuchin and his partners bought IndyMac bank in 2009, renamed it OneWest Bank and sold it in 2015, making a $1.5 billion profit.
Much of the money Mnuchin and his insiders made was on the backs of California homeowners suffering due to the mortgage crisis.
Kevin Stein of the California Reinvestment Coalition told NPR, “What they did is they bought a foreclosure machine.”
Under Mnuchin, OneWest Bank foreclosed on over 36,000 homeowners and the bank received payments totaling more than $1 billion from the Federal Deposit Insurance Corp. (FDIC).
Stein explained, “Mr. Mnuchin oversaw a bank that created difficulties and financial ruin for tens of thousands of families.”
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