GekeVenn: ONEWEST BANK
In light of Treasury Secretary Mnuchin's comments last month that were critical of cryptocurrency and foreshadowing more government attempts to regulate it, this might be a good time to revisit Mnuchin's banking exploits before he became a household name and member of the Trump cabinet.
Mnuchin purchased the assets of the failed IndyMac bank from the government in 2009, reorganizing them into OneWest Bank, which was bought out by CIT Group in 2015. Under Mnuchin's lead, OneWest, or rather one of its subsidiaries, Financial Freedom, raised eyebrows and suspicions with its high foreclosure rate. By 2013, Financial Freedom was being investigated for violating California foreclosure laws and accused of backdating its documents, among various other reverse mortgage rules violations. Last year, Financial Freedom agreed to a settlement of $89 million for those violations.
All of which makes Mnuchin's promises to protect consumers from financial fraud ironic, at best.
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Interesting, I don't exactly understand all of it but I learned a few things. I think it is still good that I learned a thing or two.
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I've changed and now call this Crony Socialism. It is the socialist countries that pick their buddies as winners of an industry before they then federalize it. Often they can even pay a near market price so the crony buddy can personally get most of their worth out of it. Then the federalized version of it tanks as it must.